Two veterans of Cryptos’s subsector supported by Venture for data storage, textile and 3box labs, the builder of ceramics, have merged in an all-stock deal, has learned Coindesk.
The companies will operate under the Textile brand and retain their personnel and data infrastructure-oriented product lines. Textile CEO Andrew Hill will lead the merged organization.
Self-written “friendly competitors”, textile and 3box laboratories have collected funds from the same VC companies and offered overlapping products, said co-founder of 3box Labs Michael Sena. Between them, the companies have collected at least $ 42 million since 2019.
“We came to the conclusion that the future we are building is an identical,” he said in an interview.
That future is one where people, companies and especially AI agents lean on authorizationless blockchain rails for data storage, access and verification. Cheap and accessible data storage is a joint technical pain point that some proponents of crypto say that delighted economies can improve.
The steep rise in AI puts the subsector even larger in the spotlight, as textile sees it. Agents-artificial intelligence-driven bots that can make decisions and take actions in the pursuit of a target one of Cryptos’s large new infatuations, with potential for trade and more.
However, all those agents need data to make their decisions. That is where the newly connected textile sees its opening. It will build what is called a press release “the information layer for the multi-agent economy”.
“It is quite clear that our Sweet Spot of expertise – how to move, store, to share verifiable data about crypto rails – will be very relevant for agent builders,” Hill said.
He said that block chains offer a natural platform for agents to operate: they speak the “Lingua Franca” of this technology -driven world. Textile builds a blockchain network on top that agents can communicate, gain access to data and even sell alpha.
Of course, the AI spirits of the crypto industry have not yet discovered what agents are most suitable to do. Many builders try out many different things. Momentum is high, Hill said, and the progress is coming quickly.
Credit : cryptonews.net
