Roger Ver’s Bitcoin.com recently acquired the Japanese blockchain development startup O3 Labs in a deal where the two firms did not disclose any information about the price of the acquisition. Previously, O3 Labs has built applications for the NEO and Ontology blockchain networks. With this acqusition, however, it will build mobile apps for Bitcoin.com using the Bitcoin Cash (BCH) network and in that manner help them offer financial services.
“We look forward to accelerating services in our mobile applications serving anyone in the world with an internet connection, regardless of nationality, socioeconomic status, or access to traditional finance,” the official statement of the CEO at Bitcoin.com Stefan Rust showed.
For those of you who don’t know, Rust took over the role in August directly from Roger Ver, who then moved on to the role of an executive chairman. As we can see from the terms of the acquisition deal, 03 Labs and its staff will get absorbed as part of Bitcoin.com.
The announcement also shows that O3 Labs has six members listed on its website, including two co-founders. Currently, it is still unclear whether the co-founders will be joining Bitcoin.com. However, both Bitcoin.com and O3 Labs did not respond to requests for comment by press time.
What’s also not clear, as the latest cryptocurrency news show, is what specific financial services Bitcoin.com is planning to offer. The CEO Rust said that the firm aims to give users “the ability to manage, grow, and spend [money] … without the need for traditional banks or financial intermediaries.”
As you probably know, Bitcoin.com recently launched a cryptocurrency exchange and was also preparing to launch a futures contract for Bitcoin Cash (BCH) on a Commodity Futures Trading Commission (CFTC) regulated exchange.
“Our mission is to make money work for everyone, building tools and products that help people access Bitcoin Cash,” said Rust in Monday’s announcement.
The deal between Bitcoin.com and O3 Labs started a few months ago. As the details show, the latter will start working on applications to support the Bitcoin Cash network.
“I think you can see some interesting innovations in our wallet within the next 2-3 months,” Rust said and was featured in the latest Bitcoin Cash news.
The O3 team has previously built NEO and Ontology blockchain applications.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post