Informal Systems Announces Acquisition of Malachite by Circle Internet Group, Inc.
Informal Systems has announced the acquisition of its high-performance consensus engine, Malachite, by Circle Internet Group, Inc. (NYSE: CRCL) to support the launch of Arc1, a new Layer-1 blockchain network designed specifically for stablecoin finance.
Launch of Arc Network
The Arc network is set to debut in testnet later this year, leveraging Malachite’s Byzantine Fault Tolerant (BFT) consensus engine, which implements the Tendermint algorithm to enhance performance, reliability, and security in stablecoin transactions. Informal Systems, known for its innovative blockchain infrastructure, aims to foster trust in software and financial systems through its technologies.
Open Source Repository and Team Contributions
The Malachite repository will remain open source, promoting continued industry access and innovation. Several Informal team members will join Circle to aid in the development of Arc, while Informal continues to advance other initiatives in its portfolio.