Ethereum development startup ConsenSys has reportedly bought out Planetary Resources Inc a company that deals with asteroid mining.
Planetary Resources Inc. released a statement revealing that it was acquired by the Ethereum-focused startup in an asset purchase deal. However, the two companies did not reveal the terms of the deal. The acquisition deal comes at an opportune time for the asteroid mining firm because it has been going through some funding problems.
Planetary Resources gets a new lease on life
Planetary Resources Inc. has so far launched a few satellites into orbit and even conducted a successful infrared imager test through its Arkyd-6 craft. However, the company has been running low on funds especially after an unsuccessful funding round. Despite that, ConsenSys founder Joe Lubin claims that he admired it due to its talent and track record.
“Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution,” stated Lubin.
Lubin also stated that the Planetary Resources Inc. acquisition aligns with ConsenSys’ belief in decentralizing and democratizing space missions. The acquisition will allow the Ethereum development startup to run its own space initiatives. Planetary Resources CEO Chris Lewicki who will join the ConsenSys team stated that he was proud of his company’s impressive accomplishments. Lewicki also noted that he was excited about the future of his company as well as joining ConsenSys.
ConsenSys to pick up where Planetary Resources Inc. left off
Lubin did not reveal exactly how the Planetary Resources Inc. acquisition fits into ConsenSys’ grand scheme of things. It is however likely that the new management will leverage blockchain technology to pursue the initial plan for which the space mining company was created. ConsenSys, therefore, believes that the space mining endeavors will soon be highly lucrative in the near future, thus the need to start preparing now.
Planetary Resources initially planned to mine any resources such as water ice found on asteroids which would then be sold here on earth as propellant. Eric Anderson, the company’s co-founder stated that there will be active propellant depots within the next ten years.