Expanding NY’s Blockchain Community: Foundry Acquires Upstate Interactive
What started as a collaboration between two Upstate NY-founded companies has turned into a significant acquisition in the blockchain industry. How did this acquisition come about?
Foundry Staking Project
Back in the spring of 2021, Foundry and Upstate Interactive started working together to design and develop the Foundry Staking site, the DCG subsidiary’s new service line dedicated to making proof-of-stake networks more accessible to institutions.
In the midst of the Foundry Staking collaboration, Foundry CTO Josh Byun noted, “Foundry is dedicated to growth across New York State, so we were very excited to work with a local vendor of Upstate’s caliber with blockchain knowledge. Upstate Interactive is a valuable partner working to bring the best products and experiences to our customers.”
The successful launch of the project sparked acquisition conversations between leadership teams.
Foundry
On one side of the acquisition, Foundry, a Digital Currency Group (DCG) company based in Rochester, NY, is focused on creating opportunities in the digital currency industry by providing mining and staking products and services designed to support a decentralized future. Foundry has the unique ability to leverage DCG’s capital, network, expertise, and market intelligence to empower miners and stakers to continue building, securing, and maintaining this burgeoning industry.
Further encouraging the acquisition, Foundry is protocol-agnostic and seeks to support like-minded blockchain entrepreneurs who share its mission to advance the industry. Enter Upstate Interactive.
Upstate Interactive
On the other side of the acquisition, Upstate Interactive is a Web3 software development and consulting company focused on building a better world with decentralized technology. The Web3 agency is backed by expertise spanning multiple industries, programming languages, and protocols, promoting security and scalability through distributed ledger technologies.
Upstate Interactive works closely with organizations and hires individuals who share its passion for decentralization and are truly excited about the blockchain industry — making the Foundry team an exceptional partner.
Why Acquire, Why Now?
With both companies experiencing significant growth over the past few years, the acquisition may come as a surprise to many — however, both companies bring diverse skillsets to the table, unlocking the potential to empower a decentralized infrastructure on a much larger scale.
Aligned Cultures
A significant aspect of the acquisition, Foundry and Upstate Interactive share similar cultures of promoting professional growth, fostering inclusion and diversity, and creating an exciting and motivating atmosphere for everyone.
To keep everyone working towards the same goals, Upstate Interactive has operated under the Entrepreneurial Operating System (EOS): a proven set of simple, practical tools that synchronize processes, communication, and leadership. Similarly, Foundry is implementing EOS within its organization.
Leadership Insights
Leadership teams from both organizations share similar excitement about the acquisition, describing how it came about, what it means for their employees, and how it will impact the blockchain industry.
“The passion and skills of everyone on Upstate Interactive’s team complement those that we have at Foundry,” said Mike Colyer, CEO of Foundry. “This acquisition will build on our mission to shape the future of decentralization from right here in Upstate New York.”
“Joining Foundry creates even more possibilities for the blockchain space to advance, especially given our shared roots in Upstate New York,” said Zoe Koulouris Augustinos.
“We’ve seen how rapidly Foundry’s team has grown over the past year, and it’s clear that their vision aligns with ours. We’re excited to combine resources and empower our people together,” said Kseniya Lifanova.
Doug Crescenzi noted, “We wouldn’t have gotten to this point without our collective team of passionate individuals. Giving every one of them more opportunities to grow in the long run is top of mind.”
What’s Next?
While Upstate Interactive was founded in Syracuse, NY, it has grown with its entire team working remotely across the United States, collaborating with clients in the U.S. and beyond. The company is connecting its clients with partnering Web3 agencies to ensure all ongoing projects continue with ease.
The Upstate Interactive team will be transitioning to Foundry’s business model at the beginning of May, jumping right into the next generation of blockchain advancements.
About Foundry
A subsidiary of DCG, Foundry Digital LLC is focused on digital asset mining and staking products and services aimed at meeting the institutional demand for better capital access, efficiency, and transparency within the digital currency ecosystem. With the mission of empowering a decentralized infrastructure for a digital world, Foundry provides North American digital asset mining businesses with capital and intelligence through equipment sales, financing, the Foundry USA Pool and advisory services, and is focused on building the infrastructure to make proof-of-stake networks more accessible. Foundry is based in Rochester, NY. For more information, please visit foundrydigital.com.
About Upstate Interactive
Founded in 2016, Upstate Interactive is a women-owned Web3 software development and consulting company focused on building a better world with decentralized technology. With experience in blockchain and custom software development, the versatile team builds distributed applications and smart contracts on Ethereum, supporting DeFi, NFTs, DAOs, and diverse software projects for the modern enterprise. For more information on Upstate Interactive, please visit upstateinteractive.io.
