JPMorgan Chase plans to invest US$20 million in ConsenSys

According to two people familiar with the matter, JP Morgan Chase will lead the investment in the convertible bond financing of Ethereum’s infrastructure company ConsenSys. ConsenSys currently hopes to raise up to $50 million in new capital. Sources said that JP Morgan Chase will invest 20 million US dollars.

PANews reported on August 13, according to The Block report that according to two people familiar with the matter, JP Morgan Chase will lead the investment in the convertible bond financing of the Ethereum infrastructure company ConsenSys. ConsenSys currently hopes to raise up to $50 million in new capital. Sources said that JP Morgan Chase will invest 20 million US dollars.

At the same time, the merger transaction between Quorum and ConsenSys, the blockchain division of JPMorgan Chase, is also in progress. ConsenSys will manage Quorum’s development work, and JPMorgan Chase will pay ConsenSys regularly. JPMorgan Chase currently operates its interbank information network on Quorum.

According to previous reports, negotiations between JPMorgan Chase and ConsenSys began as early as February. Quorum currently has about 25 staff members, and it is not clear whether they will join ConsenSys after the transaction is completed.

At the beginning of this year, ConsenSys announced a major reorganization of its business. After layoffs of about 14% of the then staff, the company’s business was divided into two parts, one focused on software product development, and the other focused on investing in startups.

Spokespeople for ConsenSys and JPMorgan Chase declined to comment.

Source: Eric. “JPMorgan Chase plans to invest US$20 million in ConsenSys.” PANews, https://www.panewslab.com/en/articledetails/N2879921.html.