Open source blockchain developer Blockstream, notable for its endeavor for developing sidechains for the bitcoin blockchain has acquired multi-wallet provider GreenAddress. The acquisition, it says, will help the strengthen its sidechain platform.
In an announcement yesterday, bitcoin blockchain-centric Blockstream revealed its acquisition of European multisig bitcoin wallet GreenAddress, in a move that will further accelerate its sidechains development platform.
Founded in 2014, Malta-based GreenAddress was among the earliest bitcoin wallets to provide features like per-transaction two-factor authentication, multi-signature and a deterministic design at its core which enables users more control over transactions. One of its “key features”, as Blockstream President Adam Back states, is the complete avoidance of storing users’ private keys.
“GreenAddress’s excellent reputation is the product of a three-person team with a deep commitment to Bitcoin,” Back wrote, in a blog that revealed the acquisition.
Unlike other well-funded bitcoin companies in the industry, Back insisted that the acquisition is not any indication of Blockstream’s foray into swallowing up other bitcoin and blockchain startups anytime soon. Instead, the acquisition is to help advance the sidechains project that Blockstream is best known for. He stated: As we looked at our sidechain technology roadmap, the addition of an open source, well-tested, production quality wallet was a natural choice. It increases the reach of our platform and allows us to meet the requirements of our enterprise applications. Back revealed that Blockstream and GreenAddress had been working together for nearly two years already, with a collaboration stemming from a shared vision “about the importance of putting Bitcoin users first and striving for the right balance between security and usability,” Back stated.
GreenAddress’ three developers will join Blockstream’s engineering team, with the now former CEO Lawrence Nahum taking up the role of Senior Architect at Blockstream. GreenAddress wallet applications will see continued development and will remain open […]
