ConsenSys, the New York headquartered blockchain technology specialist has revealed in its latest announcement that the firm has acquired its joint venture partner Fluidity – a rival blockchain tech specialist hailing from Brooklyn. As part of this deal, the entirety of team and technology from Fluidity will be merged with ConsenSys into a single entity. The Brooklyn based firm is renowned for its contribution in development of AirSwap as a primary developer and has also pioneered several tech solutions in the field such as real-estate tokenization, tokenized securities trading, a method/tool to pledge real collateral to decentralized credit platforms. However, neither firm has disclosed any additional details on this M&A deal such as terms and conditions involved in the merger and rate at which the firm was acquired. AirSwap was initially established as in 2017 as a joint venture between ConsenSys and Fluidity with the latter playing a major role in its early development stage.
This recently announced merger is a clear sign to involved parties in the market that ConsenSys is strengthening its core product suite as part of its plan to debut new innovative solutions in financial infrastructure that was built on Ethererum. Fluidity team which has finished the development and delivery of initial AirSwap roadmap and multiple building blocks for DeFI ecosystem will now continue to further build AirSwap with support from ConsenSys’ industry leading business development, engineering and marketing specialist teams. On the other hand, ConsenSys CoDeF will leverage on Fluidity’s technology to power commerce and decentralized finance. For now, the one aspect of the deal which has been made clear in statement from ConsenSys is that the members from Fluidity team (Block Chain Engineers & Fintech Experts) who worked on AirSwap development will continue to focus on further strengthening and empowering the product to ensure frictionless trade by focusing on network growth and new token mechanisms.
Commenting about his deal Joseph Lubin, Founder of ConsenSys said “Bringing Fluidity fully into ConsenSys will unlock powerful synergies that we have identified over the past few months. The team has built best in class token trading technology for different niches that ConsenSys can now help bring forth at scale. We are excited to reinvigorate the longstanding close relationship”.
Speaking on same note, Michael Oved, CEO and Co-Founder of Fluidity added “The future is bright for decentralized trading, blockchain technology, and upgrading legacy financial infrastructure. Together with ConsenSys, the power of our systems can be fully realized”.