The “TomoChain” project is one of the most famous projects in the cryptocurrency arena, and the project is based in Singapore.

Recently, the management of the “TomoChain” project expanded and acquired “Lition”, a German company that provides public and private blockchain services.

With this, Tomochain has taken another step towards its goal of hosting applications for government and government companies.

“Lition” was launched on Ethereum in October 2020, and the project aims to be a bridge between public and private blockchain use cases with its ability to delete privately hosted data in accordance with GDPR guidelines.

Reasons for acquiring Tomochain and its strategy:

The outlook and focus of Project Lition are in line with TomoChain’s goal of enticing governments and corporations to use its platform, a goal that has historically been fraught with concerns about regulatory compliance.

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In addition, it is expected that the recent acquisition by “TomoChain” aims to expand towards the European market and move there.

In Europe, Lition has already created a multi-million dollar peer-to-peer market connecting renewable energy providers with consumers.

Lition also recently piloted a $20 million loan between two German VR Bank associations and a national property developer.

Pairing TomoChain with Lition’s recent efforts to create a proof-of-concept service, which verifies legal documents on the blockchain for EU customers, TomoChain will seek to build on the success of discrete Lition and use it to help create large-scale solutions such as its use in care health and automobile industries.

stated Mr. Long Fueng, founder and CEO of TomoChain, after the acquisition said:

The assimilation of “Lition” into our Enterprise division enhances TomoChain’s consulting and product development services for large-scale enterprises, as well as for the government.

We intend to improve the core “Lition” technology as a base for scaling digital money and other financial products.

Richard Lohwasser, Founder and CEO of Liition, commented:

This is a wonderful day and a defining moment for “Lition”.

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We will be joining a “TomoChain” company with a huge scale, resources and a culture perfectly aligned with our own.

The two sides will hold a joint “Ask Me Anything – AMA” session on October 30 where they are likely to reveal more details about the acquisition and how the new structure will be implemented.

The European Union embraces digital innovation:

agreed The European Union recently launched proposals to create a pan-European regulatory protection fund for regulations related to cryptocurrency and blockchain technology.

Although the fund is still in the experimental phase, the European Union said it is open to ideas from companies and regulators and will facilitate testing of innovative solutions hosted on the blockchain.

The European Commission has announced its ambition to move away from fiat currencies in the European Union, knowing that cash still makes up 78% of transactions.

Recent documents in the EU policy publication Euroactiv reveal that the EU will launch a comprehensive set of cryptocurrency regulations by no later than 2024.

While the acquisition of Liition will help TomoChain gain a stronger foothold in the EU markets, the new relationship will also help Liition expand into TomoChain’s domestic markets in Asia.

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“The acquisition will help accelerate the company’s growth on a global scale,” said Richard Loehwasser, CEO of Liition.

The acquisition provides Liition with greater access across Asia, driving operational efficiencies and innovations that will benefit everyone.

We are excited to leverage our combined resources to accelerate the next phase of Liition’s growth into a global player.

“Lition” is expected to become a major section of the TomoChain blockchain system.

As both parties will benefit from the Ethereum network, “Lition” will continue to work on creating scalable side networks for use in commercial use cases.

Meanwhile, TomoChain will use the private/public blockchain from Liition to target large-scale financial institutions.

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