Stellar and Lightyear in Potential Acquisition of Chain
With an exciting and potentially game-changing industry update, the cryptocurrency race of company acquisition seems to have truly kicked off, with the Stellar Lumen’s Foundation – and its for-profit arm Lightyear – looking to acquire San Francisco start-up ‘Chain’.
According to Fortune, “Stellar is in talks to acquire https://t.co/tKakFsj8CN“. Chain’s investors include “Nasdaq, Visa, Citi Ventures” & “will receive payment in the form of Lumens”. No comment from @StellarOrg yet. https://t.co/VjjPLGrsKI
— Lumenauts.com (@lumenauts) June 20, 2018
A tweet just yesterday from Lumenauts.com, a community news and ‘unofficial Stellar guide’ outlet, quotes a Fortune article detailing this rumoured takeover. In what appears to be a confirmation of the rumour, Anthony Barker – CTO at Tempo.EU (a remittance company and Stellar anchor) corrects the Fortune article title, stating ‘I think they must mean Lightyear’ (Stellar’s for-profit arm).
Chain, with CEO Adam Ludwin, currently engages in developing high net worth cryptocurrency and blockchain projects and research, building cryptographic ledgers that ‘underpin breakthrough financial products and services’. Founded in 2014, Chain has raised in excess of $40 million with venture funding from notable names including Nasdaq, Citi Ventures, Pantera Capital and even Visa themselves. Links to industry heavy-hitters will only serve as further confirmation of the company’s pedigree, connections and Stellar’s acquisition motives.
This would mark a very interesting development for both the Stellar protocol and the cryptocurrency space as a whole. Acquiring a serious cryptocurrency engineering and research company would signal a challenge to the rest of the blockchain industry, and be seen as serious future intent from both the SDF and Lightyear. With Stripe amongst the first investors in the Stellar Protocol itself, it seems that the financial and future pieces of the secret jigsaw may be finally coming together – especially with IBM’s Universal Payment system just weeks away. Exactly what the deal between Chain and Stellar will entail remains to be seen.
Image From Shutterstock