Umbrella Network’s Community Council Approves Lucidity Acquisition

Umbrella Network‘s proposal to acquire Lucidity was put forth to the Community Council and was unanimously approved

On the 27th of September, 2021, the Umbrella Network Community Council, which is comprised of 2 members of the Umbrella internal team along with 4 members of the community, met to discuss and vote upon the proposal to acquire Lucidity.

“Enterprise adoption of cryptocurrencies and blockchain is the next frontier, and Umbrella’s acquisition of Lucidity is our first step in expanding into the corporate sector as we look to support the data processing needs of the adtech industry.

This acquisition will be beneficial for both entities and enable both to leverage the strengths of the other. While this partnership brings enterprise clients such as KFC, Hyundai, Toyota, and Xandr, among others, to Umbrella Network, Lucidity will gain upgraded capabilities when it comes to reliable, secure, and high scale data processing at low costs.”

The Umbrella Network community has shown support and enthusiasm for this proposal, with the Community Council voting unanimously to approve the acquisition.

Meeting Conclusion and Next Steps

The Umbrella Network senior team will next be seen on Umbrella Network’s TableTalks next week to discuss their thoughts on the acquisition and to answer any lingering questions from the members of the wider Umbrella Network community.

If you have a question to ask, simply tweet it out with the hashtag #UmbrellaAcquiresLucidity and we’ll make sure that they reach the ears of the leadership team.