ConsenSys Acquires Fluidity for an Undisclosed Sum

ConsenSys announced on Friday the acquisition of the team and technology of Fluidity, a Brooklyn-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term company.

Fluidity was already a joint venture partner of ConsenSys and is known for the development of AirSwap and also worked in real-estate tokenization, tokenized securities trading, and systems utilizing real-world assets as collateral in decentralized credit platforms.

With this acquisition, the Fluidity team and product will be owned by ConsenSys.

The announcement also detailed that the engineers behind AirSwap will continue to work on the product and can also Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Consensys' Codefi.

AirSwap is a peer-to-peer trading on the Ethereum blockchain and was founded in 2017 as a joint venture between ConsenSys and Fluidity.

Commenting on the acquisition, 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.”

The terms and financial details of the deal have not been made public by either company.

“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,” Michael Oved, CEO and co-founder of Fluidity, added.

Major restructuring in the business model

Meanwhile, ConsenSys slashed 14 percent of its workforce earlier this year, undergoing major restructuring in its business model.

In February, media reports revealed that ConsenSys was in talks with JP Morgan for merging the bank’s proprietary blockchain Quorum.