Warning: session_start(): open(/tmp/sess_e38cd4036d454e7ac2c6538dbf7266cc, O_RDWR) failed: Disk quota exceeded (122) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: session_start(): Failed to read session data: files (path: /tmp) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: Cannot modify header information - headers already sent by (output started at /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php:83) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-weather/class.jnews-weather.php on line 70
JP Morgan close to transferring Quorum blockchain to ConsenSys, investing – Ledger Insights – The Future Coin
The Future Coin

Bitcoin

$56,901.26

BTC 1.88%

Ethereum

$2,251.75

ETH 2.71%

XRP

$1.50

XRP 13.05%

Litecoin

$275.58

LTC 5.07%

EOS

$7.28

EOS 8.14%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Blockchain News

JP Morgan close to transferring Quorum blockchain to ConsenSys, investing – Ledger Insights

by The Future Coin
August 13, 2020
in Blockchain News
0
JP Morgan close to transferring Quorum blockchain to ConsenSys, investing – Ledger Insights
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Six months ago, Reuters revealed that JP Morgan might transfer its open source enterprise blockchain Quorum to ConsenSys. Today The Block cites unnamed sources saying there are advanced discussions involving JP Morgan investing $20 million in ConsenSys as part of a $50 million convertible debt deal. And ConsenSys would take over the maintenance and support of Ethereum based Quorum.

Oli Harris, JP Morgan’s Head of Digital Asset Strategy and Quorum, also jumped ship to Goldman Sachs just weeks ago, which may signal the deal’s advanced stage.

Joe Lubin founded ConsenSys and was one of the original backers of Ethereum. To date, the firm has been primarily funded using Lubin’s Ethereum wealth, but there have been several rounds of layoffs, including a 14% staff cut in April. A year earlier, ConsenSys was rumored to be looking to raise $200 million and restructured the firm, so it was less like a conglomerate. 

The company now focuses on enterprise blockchain consulting and solutions and products for the public Ethereum blockchain. 

ConsenSys has been involved in several high profile enterprise implementations that use Quorum. One is the LVMH AURA blockchain to authenticate luxury goods. For commodities, there’s the komgo trade finance network backed by ING, Citi, BNP Paribas, numerous other big banks, and Shell. Plus, the world’s largest agribusiness firms are working on the Covantis consortium with ConsenSys and Quorum.

However, one of the ConsenSys incubated projects was PegaSys, which initiated the open source enterprise blockchain Hyperledger Besu. If Quorum is taken over by ConsenSys, there must be some likelihood of a future rationalization of Quorum and Besu. Also, the Ethereum protocol is getting closer to its massive upgrade to version 2, which means the workload is likely to be intense.

From JP Morgan’s perspective, it doesn’t make sense for a bank to support third party companies that want to adopt Quorum, especially given many are not banks. 

A possible alternative to ConsenSys to take on Quorum might have been EY which focuses on Ethereum, or even Microsoft. In the latter case, it may not have wished to back a single blockchain technology. 

EY’s blockchain leader Paul Brody is a vocal supporter of public Ethereum over permissioned, which might not sit well with JP Morgan. All three – ConsenSys, EY and Microsoft – are working on the Baseline Protocol to encourage enterprises to adopt public Ethereum. Of the three, ConsenSys is the clearest match for supporting Quorum, barring its interest in Besu.

Plus, blockchain adoption requires collaboration amongst banks. Being so closely tied to one technology in some ways is an impediment to JP Morgan’s blockchain ambitions.

The bank is unlikely to move away from its existing projects that use Quorum. They include the Interbank Information Network (IIN), the messaging network for cross-border payments and its settlement coin JPM Coin. Three months ago, we noted 15 blockchain job postings by JP Morgan.


Source link

EDITOR’S CHOICE

You Can Now Earn Ethereum 2.0 Staking Rewards on Coinbase

Ethereum Could Reduce Fees With Batch Transactions

Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 56,802.00
ethereum
Ethereum (ETH) $ 2,253.43
binance-coin
Binance Coin (BNB) $ 526.30
xrp
XRP (XRP) $ 1.49
tether
Tether (USDT) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.337006
cardano
Cardano (ADA) $ 1.30
polkadot
Polkadot (DOT) $ 37.73
bitcoin-cash
Bitcoin Cash (BCH) $ 995.45
litecoin
Litecoin (LTC) $ 274.07
vechain
VeChain (VET) $ 0.272503
chainlink
Chainlink (LINK) $ 40.46
uniswap
Uniswap (UNI) $ 31.80
stellar
Stellar (XLM) $ 0.558693
usd-coin
USD Coin (USDC) $ 1.00
theta-token
Theta Network (THETA) $ 12.28
filecoin
Filecoin (FIL) $ 161.32
tron
TRON (TRX) $ 0.146311
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 56,746.00
neo
NEO (NEO) $ 122.28
solana
Solana (SOL) $ 30.45
eos
EOS (EOS) $ 7.26
iota
IOTA (MIOTA) $ 2.38
klay-token
Klaytn (KLAY) $ 2.63
binance-usd
Binance USD (BUSD) $ 0.998347
bitcoin-sv
Bitcoin SV (BSV) $ 329.63
monero
Monero (XMR) $ 344.24
crypto-com-chain
Crypto.com Coin (CRO) $ 0.223003
bittorrent-2
BitTorrent (BTT) $ 0.008493
terra-luna
Terra (LUNA) $ 13.67
cosmos
Cosmos (ATOM) $ 21.50
aave
Aave (AAVE) $ 389.75
tezos
Tezos (XTZ) $ 6.31
ethereum-classic
Ethereum Classic (ETC) $ 37.29
okb
OKB (OKB) $ 17.62
ftx-token
FTX Token (FTT) $ 51.43
algorand
Algorand (ALGO) $ 1.48
compound-ether
cETH (CETH) $ 45.00
pancakeswap-token
PancakeSwap (CAKE) $ 24.45
avalanche-2
Avalanche (AVAX) $ 29.57
kusama
Kusama (KSM) $ 413.30
thorchain
THORChain (RUNE) $ 15.90
nem
NEM (XEM) $ 0.409805
dai
Dai (DAI) $ 0.999329
compound-usd-coin
cUSDC (CUSDC) $ 0.021945
elrond-erd-2
Elrond (EGLD) $ 189.57
holotoken
Holo (HOT) $ 0.018159
maker
Maker (MKR) $ 3,566.36
huobi-token
Huobi Token (HT) $ 17.97
dash
Dash (DASH) $ 319.03