Interchain Foundation Acquires Skip to Strengthen Cosmos Ecosystem
The Interchain Foundation (ICF) has acquired Skip, a company known for its technological innovations in blockchain, to enhance the Cosmos ecosystem. This acquisition aims to centralize efforts within the Cosmos network, improve the Cosmos Hub, and promote a unified approach to blockchain innovation.
A Strategic Solution to Cosmos Ecosystem Fragmentation
As part of the acquisition, Skip will be rebranded as Interchain Inc., functioning as a dedicated subsidiary. This change reflects ICF's commitment to addressing inefficiencies and fragmentation in the Cosmos ecosystem. Josh Cincinnati, President of ICF, indicated that this move will empower developers to tackle challenges effectively.
“Our ecosystem gave us valuable feedback; we listened and acted on it. This acquisition will supercharge the development of the interchain by empowering one of our strongest builders to solve problems with purpose and agility,” he said.
The Cosmos protocol is recognized for its blockchain interoperability through the Inter-Blockchain Communication (IBC) network but has encountered issues such as fragmented leadership and delays in key initiatives. The ICF intends to streamline development and refocus on the Cosmos Hub as a central point for liquidity, security, and cross-chain collaboration.
Leadership Changes and Strategic Goals
Skip has contributed significantly to the Cosmos ecosystem with solutions like The Block SDK, Skip:Connect, and mev-tendermint, enhancing the Cosmos SDK and CometBFT. Skip:Go, another key product, processes 25% to 50% of monthly IBC transaction volume.
Under co-founders Barry Plunkett and Maghnus Mareneck, Interchain Inc. will focus on initiatives such as “IBC Eureka,” aimed at introducing Ethereum compatibility to the Cosmos ecosystem. ICF believes that revitalizing the Cosmos Hub will drive user and developer adoption.
“Cosmos has been uniquely fragmented. We’ve long been searching for a solution and hit on the best outcome with the acquisition of Skip. Barry, Mag and the Skip team stepped into the Cosmos vortex and rapidly proved their mettle. I’m excited for them to take on a stronger leadership role in reconstituting the ecosystem, the interchain stack, and the Cosmos Hub,” said Ethan Buchman, co-founder of Cosmos and outgoing ICF Council member.