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CoinTerra Acquires Bitcoin Software Developer Bits of Proof

| Published on July 28, 2014 at 14:56 BST

Bitcoin mining hardware firm CoinTerra has announced the acquisition of enterprise software company Bits of Proof.

Under the terms of the deal, Bits of Proof CEO Tamás Blummer will join CoinTerra, assuming the position of Vice President of Enterprise Software, while CoinTerra will gain access to BOP assets, including its ‘enterprise-ready’ implementation of the bitcoin protocol.

Bits of Proof (BOP) is a Hungarian software firm that builds business-focused solutions based on block-chain technology. Last year the company launched the BOP Enterprise Bitcoin Server, which it dubbed the ‘Red Hat for Bitcoin‘.

The BOP protocol has already been used to develop BopShop, a merchant payment processor for online retailers and traditional brick-and-mortar shops. The protocol was also used to develop real-time auditable exchange Bullion Bitcoin and the TREZOR hardware bitcoin wallet.

Piece of the enterprise mining puzzle

CoinTerra says Bits of Proof’s modern and modular implementation of the bitcoin protocol will provide its TruePeta architecture with unparalleled reliability, performance and scalability for large-scale bitcoin mining operations.

“By acquiring Bits of Proof, CoinTerra gains enterprise software expertise and solutions that complement our expertise in hardware development and significantly strengthen our offering,” said Ravi Iyengar, CEO of CoinTerra.

“The software solutions developed by Bits of Proof and the expertise of Tamás Blummer represent an important piece of the enterprise mining puzzle that will allow us to grow our operations quickly and [securely] at peak efficiency.”

“With CoinTerra, the Bits of Proof software stack is sure to become the industry standard software stack for bitcoin in enterprises,” said Blummer.

What does this mean for existing BOP products?

The announcement does not shed light on how the news might affect BOP’s existing products and services. The company currently offers BopShop, myTREZOR server and Bullion Bitcoin products. The firm says it has other projects in the pipeline and believes the bitcoin network will cause fundamental changes in the way financial services operate.

Prior to the acquisition, Bits of Proof was an independent, self-funded company based in Budapest, headed by financial services veterans such as Blummer.  It remains to be seen what CoinTerra plans to do with the BOP software stack and ongoing development projects.

Handshake image via Shutterstock

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