Bitcoin Miner Canaan Acquires Blockchain Notary Service

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Bitcoin mining agency Canaan has acquired doc timestamping service Proof of Existence.

Founded in 2013 by Manuel Araoz and Esteban Ordano, the service lets customers confirm the existence of paperwork by linking them to transactions on the bitcoin blockchain.

As a part of the deal, Araoz will be part of Canaan as an advisor, engaged on new product initiatives on the startup. Canaan stated it plans to maintain Proof of Existence working, with Araoz offering enter on potential adjustments and enhancements within the months forward.

Other particulars of the deal weren’t instantly disclosed.

“I’m really happy to close this deal with Canaan. First and foremost because they understand blockchain technology,” Araoz stated in a press release. “They’ve been round for years, they usually expend laborious to construct the chips that safe the blockchain. I am trying ahead to enhancing the product, and exploring different blockchain providers.”

The announcement carefully follows phrase that Canaan raised $43m in financing to assist its push into the factitious intelligence house, amongst different initiatives.

In statements, Canaan indicated that the Proof of Existence acquisition kinds a part of a broader technique to develop into different areas past mining , together with the AI push.

“We make the that secures the blockchain; and now with the acquisition of Proof-of-Existence, we may even construct providers on high of the tamper proof options of the blockchain,” Xiangfu Liu, Canaan’s co-founder, stated.

Image by way of Shutterstock

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