Blockstream has acquired GreenAddress, an innovative open-source Bitcoin wallet software provider based in Europe. GreenAddress’ founder Lawrence Nahum has assumed the role of Senior Architect at Blockstream and his three-person team has joined its engineering efforts.
While no financial details of the deal were revealed yet, earlier this year Blockstream raised an additional $55 million in funding said to be for the goal of the enhancing sidechain technology, expanding operations globally, and supporting new industry partnerships. Now we can tell that part of that was probably meant to finance the acquisition of GreenAddress.
Blocksteam explained that this move “is not a signal of our intention to begin acquiring companies in the Bitcoin or blockchain technology space.” But rather: “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.”
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Lawrence has written to his clients that the development and support of the wallet will continue as before and that by extending GreenAddress to work with sidechain, users will have the ability to manage not only Bitcoin, but other assets and features that are coming online over the next months and years ahead as Blockstream and other developers establish new sidechain-based networks.
He added: “For the last two years we have worked hard to bring you a user friendly, innovative, and safe bitcoin wallet. We couldn’t have come this far without you. No worries! Your wallet will continue to operate, and, as always: your funds are safe by design. We are grateful for your support and feedback. From the bottom of our hearts, thank you!”