Blockstream, a blockchain company and a member of Hyperledger Project, has announced the acquisition of GreenAddress, a leading bitcoin wallet software provider based in Europe.
Blockstream explained: “Today’s announcement is not a signal of our intention to begin acquiring companies in the Bitcoin or blockchain technology space. As we looked at our sidechain technology roadmap, the addition of an open source, well-tested, production quality wallet was a natural choice. It increases the reach of our platform and allows us to meet the requirements of our enterprise applications.”
GreenAddress has been developing an innovative and safe bitcoin wallet for the last two years and managed to offer industry-leading product that prioritizes security, privacy and convenience. The company was the first one to deliver such features as HD multisig, hardware wallet support, dynamic fees, and transaction replacement. Now, the joint efforts of GreenAddress and Blockstream will help the companies to remain at the forefront of innovation and deliver new improvements to the users.
“GreenAddress’s excellent reputation is the product of a three-person team with a deep commitment to Bitcoin. Their users are passionate, technically minded early adopters who have sought the highest levels of privacy and security for their bitcoin wallets”, says Blockstream’s blog post.
GreenAddress has confirmed the acquisition and ensured its users that wallets will continue to operate and all the funds will be safe. As for now, GreenAddress is available for Android, iOS, and Chrome. All apps are and will remain open source with the source code published on GitHub.
GreenAddress also shared some of the ideas it is working on. The list of the upcoming improvements includes a multi-platform wallet library to enable more rapid development of all platforms, enhanced privacy and security, and sidechain support throughout the platform. Sidechain support will enable users to expand from bitcoin to other assets and features coming online over the next months and years ahead as Blockstream and other developers establish new sidechain-based networks.
“You could already experience the benefits of our collaboration with Blockstream: out of it came the novel and trustless nLockTime backup feature. Many other improvements are yet to come as a product of very exciting discussions we already had! We are extremely excited to solidify this relationship and continue evolving the space to the benefit of you and all our other valued users”, said GreenAddress.
Both GreenAddress and Blockstream are expected to benefit from the acquisition. When GreenAddress’s founder Lawrence Nahum and Blockstream’s co-founders met to discuss the opportunity, they at once understood that they have a common vision about the importance of putting Bitcoin users first and striving for the right balance between security and usability. The companies have been working together for almost two years so becoming one team just stood to reason.