On 10th September, Lightyear, a subsidiary of Stellar Development Foundation, a non-profit financial platform announced the purchase of Chain, a blockchain startup. Chain and Lightyear will no longer function as independent companies as they have been rebranded under a joint name called Interstellar.
Chain’s Co-Founder, Adam Ludwin has been appointed as CEO of Interstellar with Jed McCaleb, the creator of Stellar and Co-Founder of Ripple taking over as the Chief Technical Officer. Lightyear is an organization focused on the development of Stellar, an open source decentralized protocol for digital currencies.
According to the announcement, Interstellar is focused on helping organizations to build on the Stellar Network. The Stellar Development Foundation will function independently as before. Adam Ludwin stated:
“All of the clients that we have now, have effectively shifted from using a traditional database model to using a tokens model, issuing assets on a local environment. By partnering with Stellar you can fire an asset to another institution.”
Through the collaboration, Chain’s customer base and enterprise products will add to Stellar’s global public ledger effectively creating an end-to-end solution that will allow establishments to issue, exchange and manage assets on what Interstellar believes is a ‘highly-scalable public network’. Ludwin stated:
“Chain did not need to sell the company. This needed to be a great strategic move and a great return and it was both.”
Additionally, Chain’s cloud ledger service known as Sequence will enable organizations to track assets in a simple manner while they pass from the private ledgers to Stellar’s public network.
According to Ludwin, Chain’s current investors which include Visa, Nasdaq, and Citi Ventures are said to obtain a return on their investment. Current enterprise customers who use Chain’s core software for permissioned blockchain will now function under Interstellar.
A Redditor named Negahnpoc commented:
“Don’t forget Nasdaq also contributed to the funding for Chain.”
Another Redditor named Queenpro1 said:
“Much good news for XLM but sorry, this is the bear market.”
A Twitterati named commented:
“Congrats! It’s great to see partnerships like this that help propel blockchain and cryptocurrency forward – specifically at Stellar! I look forward to seeing what new developments come from this great combination.”
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