Bitcoin Company Purchases Asteroid Mining Company

What does first come to mind when you hear “blockchain company”? You would never even consider space exploration or asteroid mining. Well, that is exactly what ConsenSys, a blockchain company created by Joe Lubin has done. The company just bought Planetary Resources for an unspecified sum.

Now that might seem like an odd fit. The owner and founder of these two companies believe that if there are transactions going to occur in space, then blockchain is the way. Blockchain-based smart contracts represent a natural solution for commerce in space. How come? There are no territorial divisions or any other idea way for people from various countries to coordinate and transact than bitcoin.

Unique Merger

The newly united companies have already begun kicking off with transactions. ConsenSys will run its space strategy at Planetary Resources former location at Washington. The companies have come together to kick-start operations with asteroid mining by testing its technologies in space.

This acquisition is not merely for space exploration but is actually the result of financial necessity. The company has been going through some financial trouble as it recently laid off employees after the company failed to secure an important funding round.

Financial Necessity

Hence, with a new company in its hands, Planetary Resources would be able to keep its plans intact. Though the company would be delaying a key asteroid inspection mission past its original 2020 target, the company would be able to carry forward present plans thanks to this new merger.