Canaan.io, a Hong Kong-based producer of blockchain servers and ASIC microprocessor solutions designer, has announced that it has acquired document timestamping platform Proof of Existence, which suggests that it could include blockchain services in its growing product portfolio.
As a part of the acquisition, Canaan said that it has retained Proof of Existence founder Manuel Araoz as an advisor on future product developments and other blockchain related services. The agreement also ensures that there will be no interruptions in services and no changes in the API.
Launched in May 2013, Proof of Existence has processed thousands of documents supplying customers with immutable proof of existence for their assets.
“I’m really happy to close this deal with Canaan. First and foremost because they understand blockchain technology. They've been around for years, and they expend hard dollars to build the chips that secure the blockchain. I’m looking forward to enhancing the product, and exploring other blockchain services”, Araoz said.
Founded in 2013, Canaan is a subsidiary of Canaan-Creative and primarily known for its ASIC design and manufacturing expertise. The acquisition follows the firm’s recent round of financing in which it raised $43 Million to support its upcoming 7nm designs and to enter the AI market with its first Knowledge Processing Unit (KPU).
“The blockchain space offers us opportunities on the hardware side and on the services side. We make the hardware that secures the blockchain; and now with the acquisition of Proof-of-Existence, we will also build services on top of the tamper proof features of the blockchain”, Xiangfu Liu, co-founder of Canaan, said.
