Circle will acquire IBM’s blockchain patent portfolio, the USDC (USDC) issuer said on Monday.
No financial details for the transaction were disclosed in Circle’s announcement. CRCL stock price was up more than 2% in premarket activity on Monday following the announcement, according to Yahoo Finance data.
The portfolio comprises more than 680 patent families and nearly 1,000 issued patents worldwide. Circle said the acquisition positions it as the leader in blockchain patent holdings in the United States, with an intellectual property position that directly supports the fintech’s foundation for building the internet financial system.
IBM’s blockchain focus has leaned heavily into supply chain applications, which seek to increase transparency in tracking products across numerous intermediaries. In recent years, it has slowed its patent filings from peak years 2018-2019, when more than 500 blockchain-related patents were filed, research firm GreyB said.
“IBM has been a pioneer in technological innovation, and this acquisition expands Circle’s ability to advance the infrastructure that powers global, internet-native finance,” said Sarah Wilson, general counsel and corporate secretary at Circle.
Source: Cointelegraph / Robert Lakin