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3.38%A16z-Backed TrustToken Acquires EthWorks
Following the purchase, TrustToken plans to expand EthWorks’ open-source projects, including Waffle and useDApp.
TrustToken, operator of decentralized finance (DeFi) lending protocol TrueFi and stablecoin TUSD, has acquired Web3 development firm EthWorks for an undisclosed amount.
TrustToken, which is backed by Andreessen Horowitz (a16z) and Sam Bankman-Fried’s Alameda Research, said it has put its recent funding round of $12.5 million towards the EthWorks acquisition.
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Following the purchase, TrustToken’s team will have quadrupled in size, going from 10 people to 40. Once the EthWorks team has been fully onboarded by TrustToken, the team is expected to grow to over 100 members and expand its engineering, design and cybersecurity capabilities.
Read more: A16z, BlockTower, Alameda Back $12.5M Round for TrustToken
Prior to being acquired by the firm, EthWorks worked closely with TrustToken for over a year, contributing to the development of TrustToken’s DeFi projects.
TrustToken said it plans to expand EthWorks’ open-source projects including Waffle and useDApp, which are used by Ethereum developers globally.
Currently, the TUSD stablecoin is trading on Coinbase, Binance and FTX, as well as on decentralized exchanges such as Uniswap and Sushiswap. EthWorks has been involved in the development of open-source projects including Waffle and useDApp.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
