Lightyear Corp. Acquires Chain Inc. To Add To Global Ledger On Stellar Blockchain
Chain Inc. is based out of San Francisco as an early startup, but they have already been picked up in a purchase by Lightyear Corp. This acquisition was announced by Adam Ludwin on Monday, who is the Chain Chief Executive Officer. Lightyear Corp bases all their interactions on the Stellar blockchain.
The new company is being called Interstellar, and their plan is to gradually add the customer base from Chain Inc. to the Stellar ledger, which will be the basis for the platform. The point of this new organization is to have the option of issuing, exchanging, and overall managing assets, based on Ludwin’s opinion. He said,
“We were looking for a way to help our customers move the projects that we have been working on from a private network to a public one.”
He added to the sentiment, talking about the overall history that the company has already had with users, which has helped them to predict what can be expected. He said, “When we started a few years ago, our customers were not ready for a public network. Fast forward to three years, they’re willingness has gone up, and the maturity of the public networks has changed a lot.”
Unfortunately, Ludwin has not given much information about the financial details of the agreement but it is clear that the investors were cashed out in this deal. The negotiations completed last week, even though they actually started back last year. He said that this deal ended up being a “very good outcome for our investors,” but nothing else.
Chain used to be one of the more influential players within the blockchain industry, as they had many customers that were deeply involved in the financial services industry. However, with their adaption to Stellar, they are now a part of an open network that will let the users engage with absolutely any type of currency, digital or otherwise. In fact, Stellar has such an appealing network that even IBM decided to launch a payment system with it.
When it first started up, Chain was able to raise over $40 million from many reputable companies in the financial industry, like Visa, Citi Ventures, and Nasdaq. With this selection, both Chain and Lightyear will be brands of the past, and Ludwin is meant to be assigned into a new position as CEO. The new chief technology officer will be Jed McCaleb, who was the co-founder of both the development foundation for Stellar, and Lightyear.
Interstellar is planning to hire 60 new people and will keep the former Chain company in San Francisco. They plan to bring in an additional office in New York City. Their new lineup will include a trading marketplace called StellarX, which is presently in the beta phase of testing. Hopefully, this new marketplace will be available soon.