Perlin, a Singapore-based blockchain firm, has acquired blockchain development startup Dispatch Labs for an undisclosed value.
As reported by Cointelegraph, Perlin acquired Dispatch’s talent and strategic partnerships, as well as both provisional and non-provisional U.S. patents on Dispatch’s blockchain IP. Former Dispatch CTO Zane Witherspoon will manage Perlin’s Developer Ecosystem.
The acquisition follows reports in mid-June that Dispatch incurred substantial losses despite extensive investment amid a recovering cryptocurrency market.
Although the startup received funding from its executive team, raising over US$13 million in a series of private rounds from other investors in 2018, the value of the raised capital slumped significantly after the market dropped in Q1 2019.
Additionally, while the team had indicated the threat driven by the market downturn, the firm did not have sufficient over the counter (OTC) availability to liquidate millions of dollars’ worth of digital currency, according to Dispatch CEO Matt McGraw.’
It was reported in April that Perlin, which had already been involved in blockchain pilots for various businesses such as Asia Pacific Rayon, started working with the International Chamber of Commerce (ICC) as the organization focused more on prioritizing innovative technologies.
The collaboration aims to take various forms, with a specific focus on value chain traceability that involves tracking goods through their stages of production and delivery. This area has already seen major uptake from the blockchain sector as solutions aim to improve the provenance of whole supply chains.
Singapore in particular stands to benefit from Perlin and the ICC pledging to advance initiatives to enhance the city-state’s status as a regional tech hub.
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