HomeBlockchain InfrastructurePrivate Equity Firm Purchases nChain For Undisclosed Amount of Money

Private Equity Firm Purchases nChain For Undisclosed Amount of Money

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Most Bitcoin enthusiasts remember Craig Wright, the person who falsely claimed to be Satoshi Nakamoto. One of the companies using his research related to cryptocurrency has now been sold. In fact, nChain has been sold to a private equity firm. This is good news for the blockchain industry, although it will have no impact on Bitcoin whatsoever.  

Very few in cryptocurrency have any love lost for nChain Holdings. The company has been focusing on blockchain technology, yet also carries a link to Bitcoin. That link comes in the form of Craig Wright, whose work is allegedly used by the nChain company. Even though Wright has no ties to Satoshi Nakamoto whatsoever, the idea still has a certain appeal.  Some people see this as a desperate attempt by Craig Wright to remain somewhat relevant, though.

nChain Is Now Part of High Tech Private Equity Fund SICAV

Now that nChain is part of a private equity group, no one knows for sure what will happen. Craig Wright feels he will now scale and grow Bitcoin moving forward. A very odd statement, considering Wright is not involved in the active development of Bitcoin whatsoever. Moreover, the company purchasing nChain did not even mention Wright’s name or achievements. This goes to show Wright feels he is the reason for this deal to materialize, albeit that is far from the case.

People may recall the nChain company as the entity responsible for filing Bitcoin and blockchain patents. That type of behavior is frowned upon by industry experts as well. It is unclear what the future holds for these patents, though. It’s strange to see a person claiming to have developed a decentralized ecosystem use patents to stake his claim. This only further confirms Craig Wright is not Satoshi Nakamoto and does not care much about Bitcoin.

While the deal is great news for nChain, the association with Wright may hurt them in the long run. Blockchain research and development can be done without using the “patent route” as well. Moreover, being associated with someone who utters delusional claims without credible evidence is not good for business. It is possible the private equity fund may look to sever all ties with Craig Wright moving forward. After all, that would be the best thing to do at this stage.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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