Just in – Chain Inc, a San Francisco startup, has confirmed its acquisition by Lightyear Corp., the for-profit company developing the Stellar network.
Both the Chain and Lightyear brand will be combined into a new company and re-named ‘Interstellar’. Chain’s customer base and products will be migrated onto Stellar’s public ledger, allowing for the issuance, exchange and managements of all assets onto their blockchain network.
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,” – Adam Ludwin (CEO of Chain)
Confirmation of this major acquisition will send shockwaves through the cryptocurrency markets, and marks a significant industry merger. Chain raised over $40 million in initial funding from Citi, Visa, Nasdaq and others, and brings a wealth of knowledge and connections. These industry ties will set off further institutional adoption rumours, and looks to be aligning with the Stellar network’s lightning network integration by end of year.
Equally excitingly for Stellar Lumens holders, Stellar X – a brand new front-end for its decentralised exchange, built by app veterans from Kickstarter and OkCupid – will also be included within Interstellar’s product portfolio, adding yet further validation to their technology.
Proponents of the Stellar ecosystem and cryptocurrency aficionados alike should have little doubt of the monumental impact of this merger. The race for adoption is well and truly on.