It was a match made in Silicon Valley heaven. The token-funded startup cLabs simply acquired the decentralized finance (DeFi) startup Summa, finest
It was a match made in Silicon Valley heaven. The token-funded startup cLabs simply acquired the decentralized finance (DeFi) startup Summa, finest identified for making wrapped Ethereum tokens that may symbolize locked quantities of bitcoin.
The acquihire bolsters cLabs’ multifaceted engineering workforce, which makes a speciality of Bitcoin, Zcash and Cosmos initiatives along with Celo software program initiatives.
Marek Olszewski, CTO of cLabs, mentioned the newcomers will assist the Celo group “execute on the platform’s interoperability imaginative and prescient.”
“Over the past two years we’ve constructed the interoperability area from scratch. We’re excited to proceed that work with Celo,” mentioned Summa co-founder James Prestwich, whose startup was acquired for an undisclosed quantity.
With the addition of six individuals from Summa, cLabs’ Olszewski mentioned there at the moment are 100 individuals on workers. Alongside these strains, cLabs engineer Tim Moreton mentioned the aim is to verify individuals with established roles in numerous crypto initiatives are concerned with the Celo group as properly.
Moreton added the priorities for 2020 are smoothing worth transfers in and off of the Celo platform, together with worth from Bitcoin or Ethereum, and getting the Celo cellular app “into the palms of hundreds and hundreds of individuals … who don’t have low-cost or quick access to monetary companies, however they do have entry to a smartphones.”
cLabs has raised greater than $40 million up to now, by means of a mixture of enterprise capital and token gross sales. Very like Fb’s dwindling Libra undertaking, Celo’s said aim is boosting monetary inclusion in rising markets. The startup has distant workers working in Latin America, Asia and Africa, along with the workforce in California.
Zack Voell contributed reporting.