Chain merges with Lightyear from Stellar Foundation

infoslink (68)in #stellar • 6 years ago

Lightyear, the profit-making branch of Stellar has finally acquired Blockchain Chain's startup which has raised more than $ 40 million from several financial institutions.

Combine the two brands

Lightyear of Stellar and Chain will merge under a new denomination, Interstellar. Chain Director GeneralAdam Ludwin will be at the helm of the San Francisco-based company . It should have about sixty employees.

Knowing that the two companies will remove their respective brand by forming a single entity , Chain users will be moved to the Stellar platform and all existing employees will take up new positions within Interstellar. These provisions will allow organizers to issue, exchange and manage their digital assets.

Jed McCaleb, co-founder of Stellar Development Foundation (SDF) will take on the role of Technical Director at Interstellar.

Although details on the acquisition remain vague to this day, Chain maintains that it is a "good result" for its investors , their holdings were all cashed.

In addition, Chain was not refractory to the terms of the acquisition agreement and accepted them directly. She wanted to transfer her Private Blockchain products to a public Blockchain for some time now.

"When we started a few years ago, our customers were not ready for a public network. After three years, their will has increased and the maturity of public networks has changed a lot, "said Ludwin.

A winning association

Chain was at the heart of the media hype between 2014 and 2015 when it raised more than $ 40 million in investment from several large companies like Nasdaq, Citi Ventures, Pantera Capital and RRE Ventures.

As for Lightyear, it was launched in May 2017 by the Stellar Development Foundation (SDF). Lightyear was intended to facilitate the adoption of the Stellar protocol and serve as a for-profit arm of the organization. Having finally emancipated from the SDF, Lightyear has become a separate entity with its own board of directors.

The agreement between Lightyear and Chain is as beneficial to one as to the other. While Chain will have the opportunity to develop its products and services, lStellar will have the funds it needs. Also, the Stellar protocol will be integrated in more companies with the support of Chain engineers.

What do you think of Interstellar? Tell us your opinion in the comments section below.

Posted from our website : https://infos.link/chain-merges-with-lightyear-from-stellar-foundation/