Loss Making Dispatch Labs Acquired By Blockchain Firm Perlin
Blockchain company Dispatch Labs has been acquired by Singapore based blockchain firm Perlin. The information was revealed by Dispatch Labs CTO Zane Witherspoon. Perlin took over dispatch’s employees, both non-provisional and provisional US patents related to blockchain IP, and key business associates.
Witherspoon, following the acquisition, will administer Perlin’s Developer Ecosystem. The company refrained from disclosing the transaction value.
The takeover has come in the aftermath of reports in mid-June that amid substantial losses in spite of making huge investments and rebound in the cryptocurrency industry.
Even though Dispatch Labs obtained financing from its management group and eventually collected over $13 million from other shareholders in a succession of private deals in 2018, the market value of the generated capital fell significantly following the cryptocurrency market decline in the first half of the year.
Perlin, already engaged in launching blockchain based system for multiple large enterprises, including Asia Pacific Rayon, started working with the International Chamber of Commerce as the organization tries to draw creative techniques to the forefront.
The ICC is the biggest corporation in the world with 45 million enterprises under its umbrella, including Amazon, CocaCola, FedEx, McDonalds and PayPal. The collaboration is anticipated to take different dimensions, but will focus primarily on the traceability of the value chain — monitoring products through their manufacturing and distribution phases.