Circle Acquires Malachite to Launch Arc Blockchain Testnet

PANews reported on August 18th that Informal Systems, its high-performance BFT consensus engine, Malachite, has been acquired by Circle to support the launch of Arc, a new open-source layer-1 blockchain network focused on stablecoin finance, with a testnet launch expected later this year. Malachite utilizes the Tendermint algorithm, boasting a modular design that enhances performance, reliability, and security, while remaining open-source to foster industry innovation. Several Informal team members will join Circle to drive Arc's development, and Informal will continue to support other Malachite applications and the development of blockchain technology.