As developers prepare for the launch of Segregated Witness, a proposed scaling method for the bitcoin network, one startup based in the US hasÂ purchased an entire firm to help it prepare for the change.
Hardware wallet firm KeepKey announced today that it has acquired MultiBit, a desktop-based bitcoin wallet program. According toÂ KeepKey founder and CEO Darin Stanchfield, the purchase was aimed at positioning the firm for both the launch ofÂ Segregated Witness, known commonly as SegWit,Â as well as other improvements to the bitcoin network.
He told CoinDesk:
“All the new plans for the bitcoin protocol, like Segregated Witness, will be integrated. Weâ€™re going to begin working on that immediately.”
As part of the acquisition, KeepKey acquires UK-based MultiBitâ€™s clients, software, website, and other forms of intellectual property. To help with the transition, KeepKey plans to hire a new engineer, expandingÂ its team to five full-time employees.
According to Stanchfield, MultiBit was purchased for anÂ undisclosed amount, and that the transaction would be conducted entirely in bitcoin.
Scaling with Segregated Witness
Stanchfield said heÂ expects the handover of MultiBit’s assets to be completed by 1stÂ June, a move intended toÂ predate theÂ SegWit launch.
As previously reported by CoinDesk, the proposal is in the final phases of testing, though no clear release date has yet been published by the Bitcoin Core open-source development community.
As for the MultiBit team, outgoing CEO Gary Rowe indicated that those involved with the project would moveÂ onÂ to other initiatives, though it’s unclear whether those will focused on bitcoin or blockchain-related applications.
“We are moving on to other projects and are delighted that the KeepKey team have stepped up to continue development of our software,” he said in a statement. “Their commitment means that existing users can continue to use bitcoin with confidence.”
Image via KeepKey