Singapore-based TomoChain acquires the enterprise blockchain unit of Lition

Singapore-based blockchain protocol Tomochain (TOMO) has acquired the enterprise blockchain unit of Lition. The acquisition covers all elements of the Lition (LIT) product, assets, human resources, treasury, and digital properties. Meanwhile, the Germany-based startup will continue to work on its own commercial solutions.

Lition will continue operations as a key division of TomoChain, maintain the development of its side-chain technology for commercial use cases and its related business development partnerships in Europe and in Asia. Lition is a scalable side-chain built on Ethereum for enterprise use, launched into mainnet October 2020.

Long Vuong, Founder and CEO of TomoChain said, ”Lition’s integration into TomoChain’s Enterprise division is a bold step to highlight TomoChain’s position in our consultation services & product development for large-scale enterprises, as well as for the government. 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,” said Richard Lohwasser, Lition founder and CEO. “The separation of Lition’s energy use case and Lition’s blockchain infrastructure with its subsequent acquisition by TomoChain is a clear step forward for the blockchain space. It results in totally new opportunities on the infrastructure side that would have never been possible otherwise, but also more personal focus on the Energy use case. This leads to more transactions and thus more rewards for anyone who staked their LIT tokens. I look forward to supporting this new and unified business, and we have never been more optimistic about our prospects going forward.”

TomoChain is a scalable blockchain, powered via Proof-of-Stake Voting (PoSV) consensus and used commercially by companies globally. The protocol’s mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits, the blog said.

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