ConsenSys, the ethereum-focused venture studio, has just acquired Planetary Resources, a space venture hoping to mine asteroids.
Planetary Resources announced Wednesday that ConsenSys conducted an asset-purchase transaction, taking over the firm, with president and CEO Chris Lewicki and general counsel Brian Israel joining the ethereum-focused startup as a result. The terms of the deal were not disclosed.
The company, formed in 2012, was started with the goal of mining asteroids for resources.
To date, it has launched a pair of satellites into Earth orbit, including a successful test of a an infrared imager on its Arkyd-6 craft. However, the company has had financial difficulties after failing to secure a new round of funding this past June, according to Geekwire.
On Wednesday, ConsenSys founder Joe Lubin said he admired Planetary Resources due to its record and talent. The acquisition will now help ConsenSys conduct its space initiatives, he said, adding:
In a statement, Lewicki said he was "proud of our team's extraordinary accomplishments," and thanked the company's past supporters. Going forward, Planetary Resources will continue its work "to expand humanity's economic sphere of influence into the solar system."
"Over the course of nearly a decade, Planetary Resources has simultaneously pioneered technology, business, law and policy, and brought the promise of space resources irreversibly closer to humankind's grasp," he added.
Asteroid image via Shutterstock
Read more about
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.