TomoChain, a highly scalable blockchain announced the acquisition of Lition blockchain, a scalable public-private blockchain designed specifically for enterprises. According to the official press release shared with Altcoin Buzz, TomoChain and Lition are a natural fit. Both companies have worked closely to promote enterprise adoption of blockchain technology since April 2019. With this acquisition, TomoChain’s tremendous scale and resources will complement Lition’s sidechain-infrastructure and European footprint. Additionally, it will position TomoChain strongly as a blockchain player across the globe.
As per the press release, the acquisition includes Lition’s core blockchain business, technology, treasury, digital properties, and human resources. Interestingly, Lition will continue to develop its sidechain technology as a key division of TomoChain. Along with that, it will help TomoChain penetrate the heavily-regulated European markets. Together both of them will work towards enterprise expansion of the commercial use cases of their technology.
A new and unified business
According to Long Vuong, Founder, and CEO of TomoChain, Lition’s acquisition will strengthen the company and its enterprise service mission. He adds that with Lition, TomoChain will be able to develop solutions suitable for both large-scale enterprises as well as for government.
Richard Lohwasser, Founder and CEO of Lition, is equally excited about the acquisition. According to him, both organizations can leverage their combined resources together to grow into a global player.
The acquisition is a structured one. A brand new Lition website will be launched to introduce both the communities to each other. Additionally, all Lition Validators will receive technical support from both TomoChain and Lition for uninterrupted operations.
According to the press release, LIT (Lition’s native token) will continue to exist as an ERC20 token. As per the original plan, it will continue powering the Lition side-chain. Additionally, the Lition treasury and the related vesting and unlocks will continue as per the Lition team schedule.
More for the communities
Moreover, to celebrate the acquisition, TomoChain, and Lition community managers have planned some ice-breaking activities and rewards for the community members.
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