Blockchain-based company Blockstream has announced that it has acquired GreenAddress, a leading bitcoin wallet software provider in a move to accelerate sidechains development.

“Today's announcement is not a signal of our intention to begin acquiring companies in the bitcoin or blockchain technology space. As we looked at our sidechain technology roadmap, the addition of an open source, well-tested, production quality wallet was a natural choice. It increases the reach of our platform and allows us to meet the requirements of our enterprise applications,” the Blockstream official post stated.

GreenAddress was one of the first bitcoin wallets to deliver features like HD multisig, hardware wallet support, dynamic fees, and transaction replacement. Partnering with the expertise, experience, and resources of Blockstream, the company aims to remain at the forefront of innovation and deliver new improvements to its users, the company’s blog stated.

“We are extremely excited to solidify this relationship and continue evolving the space to the benefit of you and all our other valued users,” Green Address blog said.

GreenAddress is planning its upcoming improvements including sidechain support throughout the platform, a multi-platform wallet library to enable more rapid development of all platforms, enhanced privacy and security among others. GreenAddress users are already experiencing the benefits of the novel and trustless nLockTime backup feature which is an outcome of the company’s partnership with Blockstream.

Expanding GreenAddress to work with sidechains will have the ability to manage not only bitcoin but other assets and features which are expected soon, as Blockstream establishes new sidechain-based networks.

“We are pleased to welcome Lawrence and his team to Blockstream, to commit to the GreenAddress user base, our continued support and development of their wallet of choice, and to share our excitement for adding wallet support to an end-to-end sidechain technology stack,” Blockstream post added.

Last year October, Blockstream announced its first production sidechain “Liquid”, in collaboration with an initial set of launch partners including Bitfinex, BTCC, Kraken, Unocoin, and Xapo. Sidechain is a technology seeks on improving on the blockchain. Sidechains are blockchains that are interoperable with each other and with Bitcoin, avoiding liquidity shortages, market fluctuations, fragmentation, security breaches and outright fraud associated with alternative crypto-currencies.