Foundry, a mining subsidiary of Digital Currency Group, has acquired Upstate Interactive, a web3 software development and consulting firm.
Foundry acquires Upstate Interactive
According to a joint announcement issued Wednesday, Upstate Interactive worked on UI/UX development for Foundry’s staking business, which began in November of last year. The project’s successful launch triggered takeover talks between the corporations, although the terms of the acquisition are unknown. According to the announcement, Upstate Interactive will now integrate the firm’s capabilities into Foundry’s products.
Upstate Interactive currently develops Ethereum-based distributed apps and smart contracts, enabling DeFi, NFTs, DAOs, and software projects. This is something Foundry was probably interested in because there were not many developers working on this set of products at the time. According to an Upstate Interactive blog post, the company opted to accept the agreement because both organizations had diverse talents and could work well together.
“Joining Foundry creates even more possibilities for the blockchain space to advance, especially given our shared roots in Upstate New York,” said Zoe Koulouris Augustinos Co-Founder of Upstate Interactive
What is Foundry?
Last year, Foundry also developed a marketplace to sell bitcoin mining devices called Foundry. After establishing a bitcoin mining pool, it swiftly evolved to become one of its largest. The company provides money and intelligence to North American digital asset mining enterprises through equipment sales, financing, the Foundry USA Pool, and consultancy services. It has lately begun to emphasize proof of stake services.
“The passion and skills of everyone on Upstate Interactive’s team complement those that we have at Foundry,” said Mike Colyer, CEO of Foundry. “This acquisition will build on our mission to shape the future of decentralization from right here in Upstate New York.”