The blockchain analytics platform, Skry has been acquired by Bloq. With the new acquisition, Jeff Garzik’s company dealing with enterprise grade blockchain solutions stands to strengthen its existing suite of analysis tools.
Bloq announced the acquisition of Skry, formerly known as Coinalytics in its latest press release. According to the release, the deal was closed on February 24, 2017, making it the company’s first ever acquisition. As a part of the deal, Bloq stands to gain Skry’s intellectual property as well as the team that worked on creating it.
In a statement, the CEO and co-founder of Bloq Jeff Garzik said,
“Blockchain networks need more than a rudimentary finder or explorer. We’re ensuring that enterprises won’t have to ‘fly blind’ without a complete understanding of the performance, economics, and irregularities of their underlying networks.”
Skry’s products will help Bloq to enhance the value of blockchain data sets using artificial intelligence and machine learning. It will assist the company in furthering its mission to build and scale blockchain networks for the use of global companies. The technology created by Skry will enable Bloq’s clients to monitor their blockchain set up by gathering, visualizing and analyzing the distributed ledger data from multiple sources.
Regarding the acquisition, Skry’s former CEO and Co-founder Fabio Federici was quoted in the press statement saying,
“Bloq is one of the few blockchain software companies with a comprehensive vision for what enterprise customers need to launch and manage blockchain networks and applications. Its team stressed interoperability and pain strikingly engineered its technology from day one to be blockchain-agnostic. I’m excited to have Skry be a part of that future.”
Bloq’s services will come in handy for many companies, banks and financial institutions that are involved in the development of blockchain applications. They can make use of the blockchain analytics service to monitor their platforms and safeguard them from DDoS attacks, a spike in transaction fees and other block dynamics that might otherwise affect the operations.
While the information about the terms and cost of the acquisition remains confidential, Bloq’s latest milestone follows its earlier one where it co-launched Vulcan Digital Asset services in association with PwC Australia.
As Bloq continues to strengthen its portfolio, it will soon emerge as a leader in offering custom, tailor-made blockchain services to suit the requirements of every possible industry.
Ref: Press Release | Image: Bloq