- Slock.it, the firm behind The DAO project, has been acquired by Blockchains LLC
- Both firms will maintain their offices but work jointly on various projects
Ethereum based MakerDAO has gone through a number of changes in the last few months which includes multiple votes about their stability fees which have led to several increases in a bid to boost the value of their native token.
Now, they are undergoing another round of changes as it announced this week in a press release that Blockchains LLC has acquired slock.it which is the development firm behind the DAO Project. Blockchains LLC is a blockchain incubator and investment firm and according to the press release, this acquisition will help to increase Blockchains LLC’s technical capabilities and accelerate the development of their digital asset custody and digital identity solutions.
Blockchains acquires three dozen of the best developers in crypto
Slock.it has a team that consists of three dozen people and is mostly known for the creation of the DAO Project. As a result of the acquisition, however, Christopher and Simon Jentzsch, who are co-founders and brothers, will be joining Blockchains LLC as VP of technology and director of blockchain development respectively and will likely bring a wealth of experience to the roles.
In the first few months of this acquisition, the organizations intend to launch a line of open source tools for Ethereum developers. The various teams of both companies will collaborate on various existing projects such as blockchain asset custody products as well as Slock.it’s ‘Incubed’ product which aims to connect internet of things devices with the Ethereum blockchain.
Slock.it will retain some independence
Despite the acquisition, the organizations will maintain their separate offices in both Germany and the United States but will work together. The management of both firms have expressed excitement about this new deal and have stated that they are a natural match to work together.
“This is a natural marriage,” said Blockchains CEO and founder Jeffrey Berns. “With Blockchains’ partnerships and slock.it’s technical prowess, this union allows us to fulfill the promises of blockchain technology and foster an ecosystem that applies blockchain solutions to better our everyday lives.”
Slock.it has faced some challenges in the past as one of their flagship products ‘The DAO’ was a decentralized property sharing application and raised $150 million in crowdfunding. Unfortunately, due to an error in the code, hackers stole $50 million worth of ether from the projects and this led to reduced confidence in the potential of the ethereum network as a hosting platform, as well as the fork that divides ETH and Ethereum Classic. Hopefully, the new projects to be embarked upon with Blockchains will fare better and help regain lost confidence.