Digital Asset Holdings and Blockstack.io today announced that they have entered into an agreement under which Digital Asset will acquire San Francisco-based Blockstack, a firm that offers a “blockchain-as-a-service” to enable financial institutions to develop applications on a private blockchain.
Blockstack’s technology is available in beta today and offers a hosted platform for financial institutions to develop blockchain-based applications using application programming interfaces (APIs) and software development kits (SDKs).
The firm’s underlying platform leverages both open-source and proprietary technologies to create a private blockchain that is used by a group of known participants.
Blockstack’s customizable solutions include multi-signature security and the ability to plug in external components.
“Blockstack is building powerful blockchain application development tools and Digital Asset is the best platform to deliver these as part of a comprehensive client solution,” said Miron Cuperman, CTO and founder of Blockstack.
Blockstack was a “Best of Show” winner of FinovateFall 2015, a two-day conference showcasing more than seventy cutting-edge financial technology companies.
The two companies will integrate their product offerings and ensure a seamless integration for clients.
“Blockstack’s solutions will enhance the existing Digital Asset technology stack and Miron, a renowned pioneer in the blockchain world, adds tremendous technical expertise to our development team,” said Blythe Masters, CEO of Digital Asset.
“Digital Asset’s technical approach is very complementary, and the combined firm will have the leadership and resources to scale its platform,” said Peter Shiau, CEO of Blockstack.