Partnership between Chain and Nasdaq

in #chain • 6 years ago

Wall Street Journal reported that Chain Inc. Is merging with another cryptocurrency start-up. Lightyear Corp, which is a spinoff of the Stellar Foundation will be acquiring the Chain Inc., and the two companies will merge to form Interstellar.

Acquisition of Chain Inc

The report states that the acquisition of Chain Inc. is a sign that its ongoing project with Nasdaq Inc. is not going smoothly. The two are working on building a blockchain-based trading platform.

In addition, the report revealed that Chain’s CEO Adam Ludwin will be Interstellar’s new CEO. And the co-founder of the Stellar Foundation Jed McCaleb will be its Chief Technology Officer.

Ludwin stated that Chain Inc. is worth about $124 million. The startup made about $43 million from its fundraising round. Investors in the start-up include Khosla Ventures, Nasdaq, Visa Inc., and RRE Ventures.

Further, Ludwin added that the investors will be getting a cashout deal that will likely be a multiple of their initial investment.

#nasdaq #stellar #interstellar
6 years ago in #chain by
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