Umbrella Network
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Umbrella Network

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.

Speaking first, Umbrella Network’s Senior Advisor, Sam Kim, said,

“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.


Umbrella Network Expands Senior Leadership Team

With the approval of the transaction, the Community Council also voted to expand the senior leadership team. Umbrella Network’s Head of Marketing, John Chen, will now transition to the role of President of Umbrella Network.

John, on his newly found role, said,

“I’m extremely honored to be given this responsibility and will do my best to step up and help Umbrella Network continue to break new barriers as a market leading and innovative blockchain oracle.”

Sam Goldberg, the CEO, and co-founder at Lucidity will maintain his role with a change in title to President. Lucidity will continue to run as a separate entity inside Umbrella Network.

Sam Goldberg has helmed Lucidity through its rapid expansion in the ad-tech industry and will be instrumental in enabling Umbrella Network to successfully navigate the choppy waters of the enterprise sector.

Sam Goldberg said,

“I’m ecstatic to be a part of this vibrant community, and look forward to continuing to grow the Lucidity business within the Umbrella Network fold.”

Meeting Conclusion and Next Steps

The upgraded Umbrella Network senior team — Sam Kim, John Chen, Sam Goldberg, and Miguel Morales 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.



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