Blockchain software startup ConsenSys has acquired Quorum, JPMorgan Chase’s blockchain unit, for an undisclosed amount.

We’re proud to share the news today that @ConsenSys has acquired Quorum from J.P. Morgan and will merge the enterprise protocol engineering roadmaps and technology. JPM has also made a strategic investment in ConsenSys. #WelcomeQuorumhttps://t.co/JuAN7xQiZC

— Joseph Lubin (@ethereumJoseph) August 25, 2020

The investment banking giant has also made a strategic investment in ConsenSys, the company established by the co-founder of Ethereum, Joseph Lubin, in 2014 to help build applications running on top of the second-largest blockchain network. Lubin said,

“Even before the very first block on Ethereum was mined, and ConsenSys was formed, we’ve collaborated with JPMorgan on Ethereum proofs of concept and production systems.”

There is a “commercial arrangement” for ConsenSys to support JPMorgan in their projects.

Quorum blockchain, which will remain open-source, was built internally at JPMorgan using the Ethereum network. The blockchain is used by the bank to run the Interbank Network — a payments network that already involves over 300 banks, which will continue to operate using the platform.

The Quorum team will remain at JPMorgan, and the transition will happen over the next year before it starts working on other blockchain projects.

“We believe a platform like Quorum could thrive better in the hands of a software and services-oriented organization,” said Umar Farooq, global head of blockchain at JPMorgan.

“Acquiring a blockchain sort of misses the point,” said Samantha Radocchia, author of the book “Bitcoin Pizza” about this development.

Earlier this year, ConsenSys underwent a restructuring to separate its software business form venture activities. As we reported recently, ConsenSys also owned the source code of popular Ethereum wallet MetaMask.

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