Terraform Labs Acquires Pulsar Finance
In a recent development, Terraform Labs has completed the acquisition of Pulsar Finance, a firm specializing in cross-chain analytics and portfolio management. The acquisition occurs as Terraform’s former CEO Do Kwon remains incarcerated in Montenegro and a U.S. Securities and Exchange Commission (SEC) lawsuit alleging multi-billion dollar fraud hangs over his head.
Pulsar Finance Joins the Terraform Labs’ Fold
Terraform Labs, known for its involvement in blockchain and Web3 services, has taken over Pulsar Finance. Pulsar’s infrastructure is anticipated to be integrated with Terraform’s existing products to provide data analysis capabilities across multiple blockchain protocols.
The deal comes as Terraform navigates through a transitional phase after its former CEO, Do Kwon, was jailed in Montenegro, with pending legal actions from the U.S. Securities and Exchange Commission (SEC). The acquisition cost or financial figures for the Pulsar deal remain undisclosed.
Chris Amani has assumed the position of CEO following Kwon’s departure. Amani’s role commences as Terraform contends with the SEC’s allegations of defrauding investors through crypto asset securities, including its algorithmic stablecoin UST. Following the acquisition, Amani remarked on the purchase and said:
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 success building and launching successful applications.
Terraform Labs’ recent acquisition of Pulsar Finance will integrate the latter’s portfolio management capabilities into Terra’s suite of applications. Pulsar’s tools are engineered to shed light on a plethora of blockchain platforms, fulfilling the intricate requirements of managing digital assets. As part of its strategic initiative, Terraform Labs plans to weave Pulsar’s analytical services into its own, enhancing the functionality of Station, its cross-chain wallet platform.
LUNA 2.0 Trading Update
On the trading front, Terra’s LUNA 2.0 token has dipped 4.9% against the dollar as of Monday, although it has climbed 60.5% in the past week. Trading at $0.752, the token now stands at a 98% increase from its record low on September 21, 2023, when it hit $0.377 per LUNA.
Despite this recent uptick, the current value of LUNA 2.0 reflects a steep 96% fall from its peak value of $18.87 per token on May 28, 2022. That was when Terra’s Phoniex chain was born after the massive collapse of LUNC (luna classic) and the former stablecoin UST.
Hot Take: Implications of Acquisition
The acquisition of Pulsar Finance by Terraform Labs signifies an expansion in capabilities for both companies. This move enhances Terra’s technological offerings while providing opportunities for growth and diversification in the blockchain and Web3 space despite ongoing legal challenges for former leadership.
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