Offchain Labs, a New York-based startup, has acquired the Ethereum core dev team Prysmatic Labs.
Prysmatic Labs was founded in January 2019 by a group of experienced Ethereum developers who wanted to build their own blockchain network. The team has made significant contributions to the Ethereum community and will continue to work on Ethereum through this acquisition.
Offchain Labs is aiming to develop its own privacy-focused blockchain protocol with zero transaction fees and an open source governance model. It sees Prysmatic Labs as an important asset that can accelerate its plans for building its own network.
Prysmatic Labs has joined Offchain Labs. This is the latest in a series of acquisitions that have turned the blockchain industry upside down over the past few months. Prysmatic Labs was one of the most promising Ethereum development teams in its early stages, with a team comprised of prominent developers and researchers who published several high-quality papers on sharding and plasma. However, due to its small size (about ten people), Prysmatic Labs struggled to attract major investments like other projects did during the ICO boom last year.
Offchain Labs Join Hands With Pyrsmatic Labs
Offchain Labs, the blockchain incubator, has acquired Prysmatic Labs, a development team that builds Ethereum 2.0 clients.
Offchain Labs will help bring Prysmatic Labs’ work to the next level by providing access to funding and resources it currently lacks. In return, Offchain Labs gets an in-house team of developers who can help it take its projects further using their expertise in building decentralized applications (DApps).
The acquisition will not affect Prysmatic’s independence; rather, according to a press release published on May 29th: “We are excited to work more closely with this talented group of individuals as we continue our journey towards a shared goal of Ethereum 2.0.”