Under-fire blockchain Terraform Labs might be on its way to resurgence after announcing a new acquisition. In a tweet on Monday, the network stated that it had purchased cross-chain portfolio manager Pulsar Finance.
“We’re thrilled to announce that TFL has acquired @Pulsar Finance, a leading cross-chain portfolio manager and data infrastructure provider,” Terra tweeted.
Created in 2021, Pulsar Finance is a cross-chain portfolio management and analytics firm. The startup currently supports 96 networks and over 700 protocols. Terra will integrate Pulsar’s advanced cross-chain analytics and comprehensive data solutions into the blockchain, starting with its wallet Station.
Way Back?
The acquisition marks Terraform Labs’ first significant activity since appointing its former Chief Operating Officer, Chris Amani, as the new CEO. Amani replaced Do Kwon after his arrest in Montenegro for using false passports to exit the company.
Since the UST collapse in June, Terraform has seen a string of lawsuits from regulators. The Securities and Exchange Commission (SEC) sued Terraform and Do Kwon, alleging that they misled investors. However, the latest acquisition sends a breath of fresh air into the Terraform camp.
“This acquisition immediately boosts Terraform Labs and our ecosystem’s ability to rapidly bring best-in-class, cross-chain applications to market. Integrating Pulsar not only enriches our technology stack but also adds an incredibly talented team led by three innovative entrepreneurs with a proven track record of building and launching successful applications,” Amani said.
TF Never Stopped Building
Amani noted that Terraform never stopped building, but situations called for restrategizing after Do Kwon left. He also stated that Terraform will still focus on what it is good at.
“The core principle behind TFL has always been utility. We are now focused on applying that principle to the development of a blockchain ecosystem,” he added.
Do Kwon remains in jail after the indictment, but South Korea, the former CEO’s home country, seeks to extradite him to face more lawsuits.
