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JP Morgan plans to move its Quorum blockchain to ConsenSys

Quorum blockchain to consensys

JP Morgan has announced that it has plans to move from its present Quorum blockchain to consensys as talks to invest are ongoing.

According to the company, the talks are beaming all positive signs as the firm would look to invest $20 million into Consensus. In the statement released by JP Morgan, it noted that they have been making moves to switch from the Quorum blockchain to ConsenSys to be able to serve its client base better.

If the announcement is anything to go by, then this deal might be wrapped up sooner than later. According to news outlets, JP Morgan said it hopes to raise nothing less than $50 million to finance ConsenSys. In light of this, the company hopes to be in the lead to raise the finance as it says it would provide the outfit with nothing less than $20 million.

Switch from Quorum blockchain to ConsenSys depends on fundraiser success

JP Morgan has said that if the fundraiser is successful and this deal eventually happens, then JP Morgan would be able to switch from its previous Quorum blockchain to ConsenSys.

If the move happens then ConsenSys will be in charge of the wall street giants maintenance amongst other core departments. Presently, JP Morgan is still operating with the Ethereum backed Quorum blockchain on the Ethereum network. Transactions on the networks are processed using the recently announced JPM coin, which is used to carry out large transactions.

Movement from Quorum blockchain to ConsenSys to benefit JP Morgan the most

JP Morgan would be hoping the movement from its Quorum blockchain to ConsenSys happens soon enough as it would be able to help the company alleviate its financial problems. With the coronavirus pandemic rocking the global scene, JP Morgan announced that it had cut its staff base by 14% after they were not able to come up with cash to pay them.

ConsenSys has been planning to raise money for a while to help it restructure its systems. Asides ConsenSys, a host of other enterprises in the U.S, are working to create a working relationship using the Ethereum blockchain.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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