SINGAPORE / ACCESSWIRE / October 28, 2020 / Singapore-based smart contract platform TomoChain has acquired Lition, developer of a public-private blockchain known for its deletable data features. The acquisition includes the Berlin-based startup's core blockchain business, technology, human resources, treasury and digital properties.
Lition will become a key division of TomoChain and continue to develop its sidechain technology for commercial use cases while nurturing related business development partnerships. TomoChain will also leverage Lition's expertise in navigating the regulation-heavy European markets to develop opportunities for enterprise expansion.
"Lition's assimilation into our Enterprise division strengthens TomoChain's consultation services and product development for large-scale enterprises, as well as for government," said Long Vuong, Founder and CEO of TomoChain.
"We intend to optimize Lition's core technology as a base to further extend digital money and other financial products."
"This is a great day and a defining moment for Lition," added Richard Lohwasser, Lition Founder and CEO. "We join a company in TomoChain with tremendous scale and resources, and a culture completely aligned with ours.
"The acquisition provides Lition with the opportunity for greater reach throughout Asia, enhanced operational efficiency and innovations that will benefit everyone. We are excited to leverage our combined resources to accelerate the next stage of Lition's growth into a global player."
A scalable sidechain built on Ethereum for enterprise use, Lition launched its mainnet in October 2020 and was founded on the principle of allowing data to be both private and deletable, in compliance with the EU's General Data Protection Regulation (GDPR) guidelines.
In light of TomoChain's enterprise experience developing solutions for the healthcare and automotive industries, these features accord with the level of control large-scale commercial entities expect when considering a blockchain solution.
Lition has made its name in the energy space, driving a successful multi-million dollar peer-to-peer marketplace that connects producers of renewable energy with consumers. Its regulation-friendly blockchain technology is expected to play well with the enterprise-based developments coming out of TomoChain in the Asia market.
The Lition team found an early market fit with Proof-of-Existence pilots that manage legal documents on the blockchain for various EU clients, including Lawpilots and Schürmann Rosenthal Dreyer. Lition also piloted a €20 million loan syndicated between two of Germany's VR Bank cooperatives and a real estate developer.
With blockchain adoption empowering central bank digital currency exploration, most notably China's DCEP initiative, a global race to understand and implement similar solutions is ongoing. TomoChain is seeking to expedite an open finance future and will harness Lition's unique public-private blockchain technology to target large-scale financial institutions keen to play a role in the new paradigm.
A new Lition website will be launched to commemorate TomoChain's acquisition and detail the company's new direction. TomoChain will also work with the Lition team to provide technical assistance to all Lition Validators and ensure that their operations are uninterrupted. The Lition token (LIT) will remain as an ERC20 token on the Ethereum network and continue to power the Lition sidechain.
About TomoChain
TomoChain is a blockchain protocol project headquartered in Singapore, which launched its mainnet in December 2018. With additional offices in Vietnam and Japan, TomoChain is strongly positioned to capitalize on the South-East Asian blockchain market. The TomoChain network features an array of original features and protocols designed to support speed, privacy, usability, and liquidity.
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SOURCE: TomoChain
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