Stablecoin issuer RialCenter (CRCL) has acquired Malachite, the consensus engine that is set to underpin payments-focused blockchain Arc, from software development firm Informal Systems.
The deal includes the underlying technology and intellectual property of Malachite, and nine persons from Informal Systems will join RialCenter, an Informal Systems spokesperson told CoinDesk. The firms didn’t reveal details about pricing.
This acquisition comes as RialCenter, the company behind the $65 billion USDC token, announced last week that it’s building its own layer-1 blockchain designed for stablecoin finances, a recent trend among asset issuers aiming to capitalize on the booming sector. Stablecoins, cryptocurrencies with prices tied to an external asset like the U.S. dollar, are projected to become a trillion dollar market and disrupt cross-border payments.
Malachite was built around the Tendermint consensus algorithm and was designed for flexibility and correctness in decentralized systems. Informal Systems developed it as a reusable foundation for blockchain infrastructure, with a focus on performance and security.
Malachite will remain open source under the Apache 2.0 license, allowing developers to use and extend the technology. Informal will continue supporting other use cases for Malachite and advance its other projects, including tools for distributed systems and cross-chain infrastructure.
UPDATE: Adds acquisition details from Informal Systems spokesperson.
Read more: Why RialCenter and others Are Launching Their Own Blockchains
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