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The Company Behind ‘Bitcoin Creator’ Craig Wright Acquired By Investors

High Tech Private Equity Fund SICAV plc which is managed by Accuro Fund Solutions has acquired nChain. This entity is an EU regulated fund.

The nChain is a technology group which is related to Craig Wright, a scientist. Craig White is known to have previously claimed to be Satoshi Nakamoto, the inventor of bitcoin.

There is a claim by the SICAV that this new acquisition is the biggest to date which involves bitcoin’s underlying Blockchain technology.

No value has been put on the deal, and the SICAV did not make any mention of Craig Wright in its press release.

nChain is identified by Reuters, as a vehicle of Wright to fill hundreds of Blockchain and bitcoin related patent. nChain was previously known as EITC Holdings.

According to records from the U.K, it is confirmed that the target company, which involves both nChain and EITC names, has filed more than 80 blockchains and bitcoin related patent.

It is revealed to reporters that an amount of $300 million was invested in the nChain. However, there was no clarification over the time period.

Wright told reporters that the goal is to build bitcoin into a global system with no ruler, and no king.

“All I do is to help grow the use of bitcoin, and I want to see it in daily use by at least a billion people on-chain. We have the funds, the people and the technology to do this,” said Wright to reporters.

Previously, reporters released that Wright was working with Calvin Ayre to create a patent portfolio. Calvin Ayre is a renowned online gambling tycoon.

nChain also told reporters that neither Wright nor Ayre had a stake in the company before or after the sale. This conversation happened through the email. Previously, nChain acquired Wright’s assets and intellectual property, and now, he holds the position of chief scientist.

Reporters have also come to the realization that Wright was involved in the early development of bitcoin development. Also, Wright told the Australian tax authorities that he owns over $1,000,000 in bitcoin.

The nChain Acknowledges Patents

There was an announcement on Thursday which marked the first the nChain acknowledged its filing patents publicly.

nChain is a distributed, decentralized ledger that record transactions chronologically in an immutable way.

The nChain group of companies has expanded to include teams of more than 60 scientific researchers, engineering, and other professionals. This is mainly based in Canada, Vancouver, and London, UK.

It is said that this acquisition will support nChain research activities and advance Blockchain adoption globally.

Arthur Davis, who has been appointed as a director of nChain Holdings Limited, stated in a press release about the patents.

“While learning about the suite of nChain’s capabilities through the transaction, it became clear to me that we are in a new era of the digital age following the creation of the personal computer and the Internet.” He added that “This changes everything leading us into what we at nChain call the Internet of Transactions.”

David revealed that the nChain has designed a blockchain infrastructure which aims to transform the way businesses operate.

He stated that “nChain sees the full extent of this disruption being achieved by maximizing transactional velocity on the bitcoin Blockchain.”

Their research has demonstrated their visions through the following:

  1. Supporting open source protocol
  2. Enabling on-chain scaling without undermining the benefits of decentralization;
  3. Advancing native scripting to build smart contracts; and
  4. Removing the bitcoin blockchain’s “artificial” block size limit (temporarily set at 1MB) to support greater scalability and usage;

Formation of a neutral standards organization that will help to coordinate the bitcoin protocol is supported by the nChains.

It will help in delivering stronger software designs. This will ensure that the bitcoin Blockchain long-term advances will make it essential to harmonize miner’s objective of profitability.

Also, the importance of the governance principles led by the software development community is a priority.

Cerian Jones, a partner at Urquhart-Dykes & Lord LLP and nChain’s lead patent attorney said that “The patent program at nChain involves some of the most complex technologies we have ever seen and stood at the forefront of blockchain innovation worldwide.”

nChain has planned to make some intellectual property assets availability to the Blockchain community. This is through royalty-free licensing and open sourcing.

Michel Van Zanten, who oversaw the transaction for the investors, spoke to reporters: “This acquisition is directly aligned with our investment objective of identifying and supporting world-leading disruptive technology innovators.” He added that “We were attracted to nChain’s core infrastructure capabilities and technical understanding of how globally scalable enterprise-class architecture can be built to transform the way in which the world operates.”

The financial advisory role for the transaction of the nChain was played by the Nuovo Capital.

A law firm, Baker McKenzie, advised the nChain on the IP, tax and corporate aspects of the transaction.

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