Offchain Labs, parent company of Ethereum scaling platform Arbitrum, has acquired Ethereum software company Prysmatic Labs.
Offchain Labs has completed the acquisition to further develop its Ethereum scaling efforts. Software company Prysmatic Labs has managed to unravel more than 43 percent of Ethereum network activity. He developed the software called Prysm, which is used to run the Ethereum network on PoS. The Ethereum network still uses this software.
Offchain Labs Develops Arbitrum for Ethereum Scaling
The acquisition of the Arbitrum parent company was made to accelerate efforts to scale the Ethereum network. The software company and Offchain Labs will work purely on the development of the ecosystem.
The parent company continues to work on Ethereum scaling platforms Arbitrum and Arbitrum Nova. Prysmatic Labs will continue to operate and focus Prysm software within Offchain Labs.
Steven Goldfeder, CEO of Offchain Labs, said:
“Prysmatic Labs has an incredibly talented team of engineers and their dedication to the Ethereum community is evident. They have created best-in-class products that are widely used in the Ethereum ecosystem.”
Raul Jordan, co-founder of Prysmatic Labs, considered this sale a logical move.
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