ConsenSys Acquires Asteroid Mining Company Planetary Resources

Blockchain software technology firm ConsenSys Inc has been recently seen expanding its horizons and this time it ventures into the space industry. In a landmark move, ConsenSys has acquired American asteroid mining firm Planetary Resources, Inc. through an asset-purchase transaction.

Planetary Resources, Inc. was set up in 2009 with the objective to expand Earth’s natural resource base by developing and deploying the technologies for asteroid mining. The company reportedly has over 30 investors and has raised more than $50 million in investments. Some of the significant achievements of Planetary Resources include:

— Launch of its first technology demonstration satellite, Arkyd-3, from Cape Canaveral in 2015

— Successful campaign for passage of the U.S. Commercial Space Launch Competitiveness Act (H.R. 2262) which recognizes the right of U.S. citizens to own asteroid resources they obtain and encourages the commercial exploration and utilization of resources from asteroids.

— In 2016, partnered with the Government of Luxembourg to boost the space resources industry.

— In 2017, Luxembourg’s Chamber of Deputies passed a law recognizing the right to space-based resources.

— Launch of Arkyd-6 containing a demonstration of technology designed to detect water resources in space in 2018.

— Completed world’s first deep space resource exploration plan to characterize hydrated resources on near-Earth asteroids in 2018.

Ethereum Co-founder and ConsenSys Founder Joe Lubin said, “I admire Planetary Resources for its world-class talent, its record of innovation, and for inspiring people across our planet in support of its bold vision for the future. Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution. And it reflects our belief in democratizing and decentralizing space endeavors to unite our species and unlock untapped human potential. We look forward to sharing our plans and how to join us on this journey in the months ahead.”

ConsenSys will operate its space projects out of Planetary Resources’ former facility in Redmond, Washington. Meanwhile, Chris Lewicki, President, and CEO, Planetary Resources and Brian Israel, General Counsel have joined ConsenSys following the acquisition.

Lewicki stated,

“I am proud of our team’s extraordinary accomplishments, grateful to our visionary supporters, and delighted to join ConsenSys in building atop our work to expand humanity’s economic sphere of influence into the Solar System.”

ConsenSys, on the other hand, is a global community of developers, entrepreneurs, programmers, journalists, lawyers, etc. made to create and promote the blockchain network and peer-to-peer applications. The company looks to create and scale tools, develop startups, and enterprise software products powered by decentralized technology.

Back in July, as part of its large-scale initiatives, ConsenSys had entered into an agreement with China’s Xiongan New Area government to infuse blockchain technology into the “smart city.” The company will advise the Xiongan government on blockchain and software solutions in order to establish it as a ‘next generation smart city’ and a ‘leading blockchain innovation hub.’

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