In a significant move within the crypto data storage sector, Textile and 3Box Labs, the builder of Ceramic, have merged. The all-stock deal represents a strategic consolidation of two respected entities in the field, according to CoinDesk’s source.
The merger will see the combined entity operating under the Textile brand, whilst retaining the existing staff and product lines related to data infrastructure. Andrew Hill, CEO of Textile, will lead the merged organization, thereby solidifying Textile’s standing in the marketplace.
Both companies, previously seen as “friendly competitors”, had raised funds from the same venture capital firms and offered overlapping products. This led 3Box Labs co-founder, Michael Sena, to acknowledge the similarities in their operational objectives. He remarked, “We came to the conclusion that the future we’re building toward is an identical one.” Together, the companies have raised a minimum of $42 million since 2019.
The shared vision for the future involves individuals, corporations, and especially AI agents, utilising permissionless blockchain for data storage, access, and verification. This area is seen as a key focus for technological advancement, with the rise of AI placing an increased demand for accessible data storage; an area that those in the crypto sector believe can be improved through tokenized economies.
The growth in popularity of AI agents, or AI-powered bots that make decisions and take actions towards achieving a goal, is seen as a significant opportunity for the merged entity. Textile plans to create “the intelligence layer for the multi-agent economy,” with all these AI agents requiring data to inform their decision-making processes.
Hill emphasised the relevance of their expertise, stating, “It’s pretty clear that our sweet spot of expertise — how to move, store, share verifiable data on crypto rails — is becoming very relevant to agent builders.” He highlighted the role of blockchains as a natural platform for agents to operate, given their capacity to access and share data, and even sell alpha among themselves.
Yet, the potential of AI agents in the crypto industry remains to be fully understood, with diverse applications being explored. Despite this uncertainty, Hill remains optimistic about the future, noting the high momentum and rapid progress within the sector. This merger signifies a major stride towards realizing the potential of AI agents and blockchain technology in reshaping the future of data storage and access.
