The acquisition covers all elements of the Lition (LIT) product, assets and resources. Meanwhile, the Germany-based startup will continue to work on its own commercial solutions.
New partnership for new products
According to a press release shared with U.Today, TomoChain (TOMO), a Singapore-based blockchain protocol project, has acquired the German team Lition (LIT).
Lition (LIT) addresses the sphere of private/public blockchains for sophisticated commercial use cases. Its products are well known for a number of unique deletable data options. Once the acquisition is finalized, Lition (LIT) will be referred to as a "key division" of TomoChain and will keep developing its private side-chain solutions for current business partners.
The acquisition includes Lition's blockchain business, human and technological resources, treasury and digital properties.
This M&A deal targets very ambitious goals in terms of partnerships with nationwide and global actors, Long Vuong, Founder and CEO of TomoChain, highlighted:
Lition's assimilation into our Enterprise division strengthens TomoChain's consultation services and product development for large-scale enterprises, as well as for government.
TomoChain also has plans to leverage the unparalleled expertise of the Lition (LIT) team, in particular in the sphere of renewable energy sources and in the healthcare and automotive industries.
Asian markets are in focus
Richard Lohwasser, Lition Founder and CEO, stressed that his company will enter new regions under TomoChain's (TOMO) umbrella:
The acquisition provides Lition with the opportunity for greater reach throughout Asia, enhanced operational efficiency and innovations that will benefit everyone
Lition is an Ethereum (ETH) Layer 2 sidechain that addresses Ethereum scalability problems. Its mainnet launched in Oct. of this year. The deletable data features of its architecture allow it to be regulatory friendly since it meets all requirements of the EU's General Data Protection Regulation (GDPR) guidelines.
TomoChain (TOMO) will launch a new iteration of the Lition (LIT) website to commemorate this acquisition crucial for both projects. Also, Tomochain (TOMO) will work as a validator to ensure the security and integrity of Lition (LIT) nodes. However, the Lition coin (LIT), a native utility asset of the platform, will remain available on the Ethereum (ETH) blockchain as the ERC-20 token.
It should be noted that TomoChain (TOMO) is among the flagship blockchains of Southeast Asian decentralization hubs. It utilizes proof of stake (PoS) voting consensus, which allows TomoChain to reach high scalability and impressive throughput. Despite the fact that TomoChain delivers numerous services for different use cases, it is focused on corporate distributed solutions.