NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) is in talks to merge its marquee blockchain unit Quorum with Brooklyn-based startup ConsenSys, according to people familiar with the plans.
The deal is likely to be formally announced within the next six months, but financial terms are still unclear, the people said.
Around 25 people currently work on the Quorum team globally, and it is unclear whether they will join ConsenSys after the merger, the people said.
Blockchain emerged over a decade ago as the software tracking cryptocurrency transactions. Since then, banks and other large corporations have been investing millions of dollars to develop and test a range of business applications using the nascent technology. Efforts have had mixed results, with few projects achieving significant impact.
JPMorgan built the Quorum blockchain internally using the ethereum network, the software that underpins ether, one of the most well known cryptocurrencies.
It is being used by JPMorgan to…
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