- Despite the persistent legal disputes involving Terraform Labs and its founders, the firm announced the acquisition of Pulsar Finance.
- Chris Amani, who took over from Do Kwon as CEO, said Terraform “never stopped building” — and that a post-Kwon strategy is now coming into focus.
Terraform Labs, the Terra blockchain’s principal developer, announced today the purchase of Pulsar Finance, a cross-chain portfolio management and analytics firm.
Terraform is still embroiled in legal battles over the collapse of the algorithmic stablecoin TerraUSD, which had been a mainstay of the Terra network, in May last year.
The US Securities and Exchange Commission, which sued Terraform in February for allegedly offering unregistered crypto asset securities and scamming investors, is one of them. In recent weeks, both parties have requested a summary judgment, implying that a verdict could be rendered without a full trial. The SEC, according to Terraform’s lawyers, could not prove that the company offered or sold securities.
Do Kwon, the outspoken former CEO of Terraform Labs, was found guilty in June by a Montenegrin court of attempting to flee the country using a forged Costa Rican passport.
Terraform’s former COO, Chris Amani, took over from Kwon in July. In a written statement, he stated that the Pulsar acquisition provides the company with an instant boost, allowing it to bring cross-chain apps to market swiftly.
“Integrating Pulsar not only enriches our technology stack but also adds an incredibly talented team led by three innovative entrepreneurs with a proven track record of success building and launching successful applications,” he said.
The Pulsar Platform
According to today’s statement, Pulsar’s analytics platform, which was launched in 2021, now supports 96 networks and over 700 protocols. The startup provides a convenient way for customers to track performance across a variety of tokens, DeFi positions, and NFTs.
Portfolio, the company’s primary offering, will be incorporated into Terraform’s Station, a cross-chain wallet. The Data product from Pulsar will be combined with Terraform’s infrastructure tools.
“Terraform Labs never stopped building, but we needed to take some time after Do’s departure to adapt our strategy,” Amani said. “The core principle behind TFL has always been utility. We are now focusing on applying that principle to the development of a blockchain ecosystem.”
The deal’s terms were not disclosed.