Celo Lab Announces Acquisition Of Summa To Boost The Celo Ecosystem

  • Leading cross-chain architecture firm Summa with the help of its technical expertise in cross-chain architecture will enable easier system communication between Celo and various blockchains.

On the 13th of August 2020, token-funded startup cLab was thrilled to announce the acquisition of the leading blockchain interoperability firm Summa. This is to enable cross-chain bridges between Celo and other various blockchains. Marek Olszewski, the Chief Technology Officer at cLabs, asserted that the new acquisition would help Celo execute the platform’s long term vision.

His counterpart James Prestwich who is the co-founder of Summa, also expressed his excitement working with Celo, saying that over the past two years, they had built the interoperability space from scratch.

cLabs multifaceted engineering team is behind the cross-chain architecture that drives BTC. Summa, which is backed by Polychain Capital, is a significant contributor to the Bitcoin, Ethereum, Zcash, and Cosmos ecosystems. Together, they have a proven track record of innovation in blockchain interoperability as well as extensive knowledge of blockchain architecture.

The addition of Summa’s expertise in interoperability will allow cLabs to bring additional support to the Celo chain, enabling further diversification and decentralization of the Celo Reserve in a fully-permissionless way and improving both the security and user experience of the Celo Platform.

Marek Olszewski, the Chief Technology Officer of cLabs, praised Summa as one of the best teams focused on cross-chain bridges. The latest acquisition of Summa is expected to contribute to the adoption of Celo as the technology is bridged to the broader ecosystem. Through venture capital and token sales, Celo has so far raised 40 million dollars.

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