In an effort to help bring new startups to the city, a US-focused venture capital company has bought up the company behind Dublin’s first blockchain project, according to a report by the Irish Times.
Dublin-based NEM is the first US-listed blockchain startup to be acquired by a non-US venture capital.
The venture capital arm of the United States’ largest technology company, Nasdaq, bought the company in March and plans to bring it to the US market in the near future, the report said.NEM, which is based in Dublin, was founded in 2013 by former blockchain developers.
It was co-founded by three former Nasdaq executives, including former chief technology officer and president of the US venture capital division, Ben O’Brien.
The company was created by former NasDAQ co-founder and blockchain evangelist Ben OBrien, who founded the Dublin-based startup in 2013.
NEM has a blockchain technology platform which enables the transfer of ownership of assets, including currencies, to another party through smart contracts, the Irish report said, citing sources familiar with the matter.
The Irish Times said NEM’s chief executive, Brian Stauffer, is a US citizen, and he is also the CEO of the startup.
Stauffers company, NEM Global, has about 100 employees, including a senior executive, two senior technical staff and a co-founders.
The firm has been running the company for the past six months, the paper said.
The US-born O’Briens father, Ben, founded the company as a way to give his family a voice in the world’s most popular social network, Facebook.
It is unclear if the US-owned company will move to the United Kingdom or another country.
Nem, which uses smart contracts to make money from transactions, is one of the most popular cryptocurrencies, attracting more than $300m in venture capital funding.
Nem has raised more than a million dollars from a number of US investors, including Sequoia Capital, Digital Currency Group and Sequoias founding investor, George Soros.
In 2016, NasDAQ acquired the company’s cryptocurrency exchange and other assets.