A global leader in the research and development of Blockchain technologies, nChain, announced today that it has been acquired by high-tech private equity fund SICAV plc, an EU regulated investment fund managed by Accuro Fund Solutions.
Although undisclosed, the deal has been described as the largest ever transaction, worldwide, within the Blockchain industry.
nChain represents a group of companies comprising more than 60 world-class scientific research, engineering and other professionals, based predominantly in London and Canada.
nChain builds tools, protocols, and applications geared towards growing the influence of the Blockchain ledger worldwide. Amongst the products to have been released is an SDK for developers to create new applications on the Bitcoin Blockchain, security enhancements, and on-chain scripting for smart contracts, plus a decentralised trading platform using autonomous agents.
nChain’s belief is that to ensure the long-term viability and advancement of the Blockchain doctrine, miners’ principal objective of profitability must be married to principles of innovation and governance, which must be led by the software development community.
nChain are working on ways to develop the scalability of the Blockchain, and also advocating the formation of a neutral standards organisation to manage protocol and technical standards, creating a more robust software matrix.
nChain have developed numerous patents which are currently being applied for.
“We are privileged to work with nChain’s leading research team to help protect its growing invention portfolio”, says Cerian Jones, a partner at Urquhart-Dykes and Lord LLP – nChain’s lead patent attorney.
“The patent program at nChain involves some of the most complex technologies we have ever seen, and stands at the forefront of Blockchain innovation worldwide.”
SICAV PLC is it Notified Alternative Investment Fund regulated under Maltese law and managed by EEA based Accuro fund solutions.
Michael Van Zanten, who represented the investors interests during the acquisition, commented:
“We were attracted to nChain’s core infrastructure capabilities and technical understanding of how a globally scalable enterprise-class architecture can be built to transform the way in which the world operates.”
“We look forward to supporting the team as they lead Blockchain innovation worldwide and make this vision a reality.”
Arthur Davis, who has been appointed to the board of nChain at the request of the fund manager, has suggested that “we are in a new era of the digital age following the creation of the personal computer and the internet.”
“This changes everything leading us into what we at nChain call the Internet of Transactions.”
Going forward, to achieve their vision, nChain believe that removing the Bitcoin Blockchains’ artificial block size limit, which has been temporarily set at 1MB, will fuel increased scalability and usage.
The organisation will also look to enable on-chain scaling without “degrading the benefits of decentralisation”, and introduce native scripting to create smart contracts, as well as open source protocols.
The nChain Group comprises nChain Holdings Limited and nChain Limited. Global law firm Baker McKenzie advised nChain on tax, IP and corporate aspects of the transaction.