ConsenSys announced on Friday the acquisition of the team and technology of Fluidity, a Brooklyn-based Blockchain 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 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.
