Prysmatic Labs’ Ethereum Software Team Is Acquired by Offchain Labs

Prysmatic Labs has been bought by Offchain Labs, the parent company of Arbitrum, an Ethereum scaling solution.

Offchain Labs purchased the company in order to expand the Ethereum ecosystem. Over 43% of Ethereum nodes utilize Prysm, a piece of software created and maintained by Prysmatic Labs, to run the proof-of-stake Ethereum network.

Prysmatic Labs will continue to concentrate on its Prysm computer software

While the parent firm continues to develop its Ethereum scaling solutions Arbitrum and Arbitrum Nova, Prysmatic Labs will continue to concentrate on its Prysm computer software client under Offchain Labs.

“Prysmatic Labs possesses an incredibly talented team of engineers, and their dedication to the Ethereum community shows via their best-in-class product that is used broadly in the Ethereum ecosystem,” Offchain Labs CEO Steven Goldfeder said. 

Both businesses are still committed to developing the infrastructure needed to scale the Ethereum network. Raul Jordan, a co-founder of Prysmastic Labs, said that this acquisition “made perfect sense” in part because of it.

According to Jordan, both businesses have “completely aligned incentives with the development of Ethereum.” He thinks that integrating both teams under one roof will help them achieve their shared goal of scaling Ethereum.

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