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A16z-Backed TrustToken Acquires EthWorks

Following the purchase, TrustToken plans to expand EthWorks’ open-source projects, including Waffle and useDApp.

Sep 15, 2021 at 8:00 a.m. UTC
Updated Sep 15, 2021 at 8:00 a.m. UTC

TrustToken, operator of decentralized finance (DeFi) lending protocol TrueFi and stablecoin TUSD, has acquired Web3 development firm EthWorks for an undisclosed amount.

TrustToken, which is backed by Andreessen Horowitz (a16z) and Sam Bankman-Fried’s Alameda Research, said it has put its recent funding round of $12.5 million towards the EthWorks acquisition.

Following the purchase, TrustToken’s team will have quadrupled in size, going from 10 people to 40. Once the EthWorks team has been fully onboarded by TrustToken, the team is expected to grow to over 100 members and expand its engineering, design and cybersecurity capabilities.

Prior to being acquired by the firm, EthWorks worked closely with TrustToken for over a year, contributing to the development of TrustToken’s DeFi projects.

TrustToken said it plans to expand EthWorks’ open-source projects including Waffle and useDApp, which are used by Ethereum developers globally.

Currently, the TUSD stablecoin is trading on Coinbase, Binance and FTX, as well as on decentralized exchanges such as Uniswap and Sushiswap. EthWorks has been involved in the development of open-source projects including Waffle and useDApp.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Tanzeel Akhtar is a CoinDesk news reporter based in Europe.

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