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Gleec made a $23.5 million acquisition of Komodo's cross-chain business, taking away the entire Decentralized Finance technology stack.
[Block Rhythm] Recently, there has been significant movement in the cross-chain sector. Gleec directly invested $23.5 million to acquire the entire cross-chain DeFi business line of Komodo – it's not just a simple technology licensing deal, the brand, codebase, token system, and core development team have all been brought under Gleec.
This operation is actually quite smart. Gleec has been using Komodo's technology for part of its DEX functionality, and now it's simply uprooted it all. In the future, they want to integrate services like crypto debit cards, virtual bank accounts, and fiat deposits and withdrawals, and the speed of technical integration will be much faster. In other words, they are spending money to buy time, turning existing cross-chain infrastructure into their own.