Prysmatic Labs, an Ethereum software development team, has been acquired by Offchain Labs

Published on:

Last Updated on October 14, 2022 by Bitfinsider

Prysmatic Labs has been bought out by Offchain Labs, the company that is responsible for developing Ethereum’s scaling solution Arbitrum.

The acquisition was made by Offchain Labs with the intention of further developing the Ethereum ecosystem. Prysmatic Labs designed and still maintains the computer software known as Prysm, which more than 43 percent of the nodes that make up the Ethereum network use in order to execute proof-of-stake transactions.

Under the aegis of Offchain Labs, Prysmatic Labs will continue to concentrate on the development of its Prysm client computer software, whereas the parent company will keep working on the development of its Ethereum scaling solutions Arbitrum and Arbitrum Nova.

Offchain Labs CEO Steven Goldfeder had this to say about Prysmatic Labs: “Prysmatic Labs possesses an incredibly talented team of engineers, and their dedication to the Ethereum community shows via their best-in-class product that is used broadly in the Ethereum ecosystem.” [Citation needed] “Prysmatic Labs possesses an incredibly talented team of engineers,” [Citation needed] “

Both businesses continue to maintain their concentration and alignment on the task of constructing infrastructure to scale the Ethereum network. Raul Jordan, co-founder of Prysmastic Labs, was one of the people who said that this acquisition “made perfect sense,” and this was one of the reasons why.

According to Jordan’s further explanation, both businesses have their “incentives fully aligned with the success of Ethereum.” He is of the opinion that having both teams work together in the same location will be beneficial to the mission that both teams share, which is to scale Ethereum.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.