SINGAPORE / ACCESSWIRE / October 28, 2020 / Singapore-based smart contract platform TomoChain has acquired Lition, developer of a public-private blockchain known for its deletable data features. The acquisition includes the Berlin-based startup's core blockchain business, technology, human resources, treasury and digital properties.
Lition will become a key division of TomoChain and continue to develop its sidechain technology for commercial use cases while nurturing related business development partnerships. TomoChain will also leverage Lition's expertise in navigating the regulation-heavy European markets to develop opportunities for enterprise expansion.
"Lition's assimilation into our Enterprise division strengthens TomoChain's consultation services and product development for large-scale enterprises, as well as for government," said Long Vuong, Founder and CEO of TomoChain.
"We intend to optimize Lition's core technology as a base to further extend digital money and other financial products."
"This is a great day and a defining moment for Lition," added Richard Lohwasser, Lition Founder and CEO. "We join a company in TomoChain with tremendous scale and resources, and a culture completely aligned with ours.
"The acquisition provides Lition with the opportunity for greater reach throughout Asia, enhanced operational efficiency and innovations that will benefit everyone. We are excited to leverage our combined resources to accelerate the next stage of Lition's growth into a global player."
A scalable sidechain built on Ethereum for enterprise use, Lition launched its mainnet in October 2020 and was founded on the principle of allowing data to be both private and deletable, in compliance with the EU's General Data Protection Regulation (GDPR) guidelines.
In light of TomoChain's enterprise experience developing solutions for the healthcare and automotive industries, these features accord with the level of control large-scale commercial entities expect when considering a blockchain solution.