In the latest cryptocurrency news, both and ConsenSys have decided to partner up and come up with some interesting changes in the blockchain world. It should be noted that both companies have had a rough ride during the crypto bear market last year. The computer processor developer, in particular, has experienced stock prices plunging 40% in the past four months. The blockchain software firm, on the other hand, has been shedding staff and downsizing.
A New Partnership
Still, this did not stop both companies from forming a new partnership, which is expected to breathe the life back into them before crypto markets start to recover. The alliance between the Ethereum solutions provider, microchip manufacturer, and United Arab Emirates based investment management firm Halo Holdings, aims to develop a blockchain based cloud computing infrastructure.
As far as the official press release is concerned, the companies have developed the W3BCLOUD in order to form optimized datacenter solutions specifically designed for emerging blockchain workloads. And by taking advantage of the hardware expertise at AMD and blockchain software experience of ConsenSys, the two firms are looking to design systems meant for applications for governments and commercial enterprises. At the same time, they expect to accelerate the adoption of decentralized applications (dApps).
Also, the W3BCLOUD will be the first independent cloud computing blockchain substructure to serve the requirements of both the public and private sector. There were few details in the involvement of Halo Holdings aside from that it is an investment management firm headquartered in Abu Dhabi with “transactions in large-scale technology and private equity investments spanning Asia, Europe, North America and the Middle East.”
‘A Great Benefit’
ConsenSys founder and Ethereum co-creator, Joseph Lubin, said;
“Bolstering the compute power of blockchain networks with AMD’s leading-edge technology will be of great benefit to the scalable adoption of emerging decentralized systems around the globe. The combination of hardware and software will power a new infrastructure layer and enable an accelerated proliferation of blockchain technologies.”
Apparently, though, the new venture may make ConsenSys think twice about laying off a reported 50% of its employees. AMD’s director of product management and blockchain technology, Joerg Roskowetz, added;
“We are excited to work with Consensys and provide them with access to high-performance hardware technologies capable of better scaling and proliferating decentralized networks and services to meet the growing interest from large corporations and governments looking to tackle challenges ranging from smart identity, enterprise data centers and health ID tracking, to licensing and supply chain management,”