At the time of writing, according to the CoinMarketCap, Stellar Coin (XLM) is trading at $0.193354, which clutches the coin to 3.76% in the last 24 hours. Furthermore, the Stellar Foundation is a non-profit blockchain project designing the stellar network. In other words, stellar ecosystem owns the virtual token Stellar (XLM), also called as stellar lumens.
The news says that the Stellar Development Foundation subsidiary has recently acquired Chain firm. The chain is basically a venture backing blockchain startup by massive enterprise adoption firms among its customers.
This announcement was made on September 10, which hits around $40 million from financial institutions such as Visa and NASDAQ. This is under process to help to define the business interest in the new coming technology via its partnerships.
According to the co-founder of Chain, Adam Ludwin, the existing investors of Chain including Citi Ventures, Visa, and NASDAQ will receive an ROI.
Lightyear.io is the startup developing the stellar protocol, which recently purchased Chain through an undisclosed deal. This deal was closed a week back on September 5. The deal says that a new company namely Interstellar will be a combination of both brands.
The former CEO at Chain and RRE Ventures, Adam Ludwin will command Interstellar. Jed McCaleb who is the creator of Stellar and Ripple protocols will be taking as the CTO and Adam Ludwin as the CEO.
Adam Ludwin, the new CEO of Interstellar,
All of the clients that we have now had 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.
Interstellar- The New Company by Lightyear and Chain
Meanwhile, Lightyear and Chain is said to get retired, since the new company Interstellar is going to employ 60 individuals. Interstellar will headquarter in San Francisco as well as New York City.
According to Ludwin, a stellar blockchain-based trading service, StellarX will get under the Interstellar umbrella. StellarX is said to likely launch within a few weeks.
StellarX mentions that it is a free, quick, and user-friendly P2P marketplace. The website of StellarX also states that it will contain every possible asset class including fiat, cryptocurrency, bonds, and commodities. Currently, StellarX is incorporating email addresses. As soon as the product is available to the public, they will email users individually.
Citi Ventures, Visa, and NASDAQ
Back in 2017, Visa launched the initial phase of its B2B payment network which was powered by Chain. NASDAQ and Citi also individually declared joint projects focusing on cross-border payments via Chain.
Ludwin mentions the reason behind the acquisition is Chain was not able to drive new customers without any public network. The firm was planning to make its own public blockchain, however, and then Stellar made it easy for them.
He also mentions that Chain and Stellar coin holds equal, however, contrast problems. This merger can be a solution for them together.
However, their interest will usually remain high on the lingering details about the deal. Adam and McCaleb are very keen regarding interviews and statements to the emphasis on the future.
In fact, Ludwin thought to advise that the Lightyear acquisition must not be considered as a change in direction; even though the work focus of Chain is mainly on private Blockchains.
Adam Ludwin says,
If you look at our work with Visa, Citi, in every case, we made huge progress, but we would also find ourselves at an impasse when it was the partners who had to instantiate a blockchain. We needed a chain that anyone could access.