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Blockchain.com, a leading cryptocurrency financial services company backed by DST Global and Lightspeed Ventures announced the acquisition of London-based Magic Carpet AI, a developer of AI-enabled trading infrastructure.
Founded in 2017, Magic Carpet was the brainchild of Jean David Wurtz, Guillaume Pernelle, Daniel Baeriswyl and George Marangos-Gilks, who aimed to use deep machine learning for financial portfolio optimization and ultimately outperform the market.
Magic Carpet’s London-based quant traders and data scientists have developed a set of proprietary algorithms to trade crypto at scale. With extensive experience across deep and reinforcement learning, the team has excelled at optimising portfolio data for novel pattern discovery.
The Magic Carpet team brings extensive machine learning and AI expertise to Blockchain.com. This acquisition allows Blockchain.com’s institutional trading team to leverage Magic Carpet’s algorithmic trading strategies augmenting their principal trading business.
"We were really impressed by the emphasis Blockchain.com continues to place on innovation. It's a perfect combination of forces where the sum of the parts is greater than the whole. We are gaining access to world-class trading infrastructure and are privileged to work alongside a large team of highly experienced trading professionals. The organizational strength of Blockchain.com allows Magic Carpet to supercharge its focus on Machine Learning research. As a result we will continue to expand our dominant position in crypto portfolio optimization."
George Marangos-Gilks
CEO and co-founder of Magic Carpet AI
Terms of the transaction were not disclosed.
Zelig acted as strategic and financial advisor to Magic Carpet AI.
