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Interstellar co-founders Interstellar
The for-profit branch of the Stellar Development Foundation has purchased Chain, a
part of the all-cash deal for an undisclosed amount, existing Chain investors, based in San Francisco, including Visa, Nasdaq and Citi Ventures, will be part of all the biggest names in corporate adoption to receive a return on investment, according to the co-founder of the Adam Ludwin chain.
But from a broader perspective, the agreement stands out for being one of the clearest proofs of a blurring of lines between the once-firm division between private, corporate blockchain solutions and public blockchains that support a native cryptocurrency.
While companies like IBM have recently started experimenting using the native lumen cryptocurrency (X LM) of Stellar and Visa, Nasdaq a nd Citigroup has built all the products with Chain, the merger is destined to skip the initial activity among the entities.
"All the clients we have now have actually gone from using a traditional database model to using a token model, issuing resources to a local environment," he said Ludwin, who is now CEO of the newborn Interstellar. "By collaborating with Stellar you can lay off a resource in another institution."
Ludwin states that the acquisition took place for "far more than $ 40 million" of chain investors, adding that the company "had millions of income and millions of dollars in the bank", even if it refused to share more details.
"The chain did not need to sell the company," he said. "This was supposed to be a big strategic move and a big return and it was both."
In addition to Ludwin taking over the role of CEO of the new company Interstellar, Stellar's creator Jed McCaleb will take over the role of chief technical officer. McCaleb, who is also co-founder of competitor Stellar Ripple and founder of the closed cryptocurrency exchange Mt Gox, will continue his duties at the foundation that helps facilitate the development of open source stellar code.
The lumen cryptocurrency is now valued at $ 0.02 each, with a total market value of $ 3.9 billion
As part of the agreement The current Chain business customers who using its Chain Core software for authorized blockchains, including Visa, Nasdaq and Citigroup, will now be served by the Interstellar company. Customers of Fintech Cloudwalk and LPS, a French insurance company, who use Chain storage services from Sequence, will also move to Interstellar. & nbsp;
Formally, the acquisition was made by the for-profit branch of the Stellar Development Foundation, called Lightyear. The Chain and Lighteyear brands will both be withdrawn as a result of the business. At the time of launch, Interstellar will employ 60 people based in San Francisco and offices in New York City.
Ludwin compares the authorized blockchain environments with existing Chain clients as a layer that will position itself over the public blockchain platform created by Stellar and powered by the lumen cryptocurrency. A trading service that is expected to launch soon called StellarX, for the crypto-assets created on the stellar blockchain, will also move under the umbrella of the Interstellar.
Last year, Visa announced that it had launched the first phase of a B2B powered by Chain payments network, and Nasdaq and Citi revealed a separate joint project for cross-border payments via Chain. While Ludwin later claimed to have six similar networks at various stages of development, he has now described a series of obstacles that prevent further growth.
In particular, he states that Chain has not been able to bring new customers together without a public network and its company has briefly considered launching its public blockchain. But when McCaleb launched Lightyear last year as a way to attract partners to build on Stellar, Ludwin says the pair has reevaluated their trajectories. "Chain and Stellar had equal and opposite problems," said Ludwin. The problems that they now believe can best be solved together.
The merger points to the greatest interest in the blockchain space of how authorized networks can interact with other platforms. While the US Depository Trust and Clearing Corporation have built their next blockchain platform to interoperate with the public blockhouse ethereum, the Chain merger shows another possible path forward.
"The Chain team has led the market for corporate adoption of the technology blockchain," said McCaleb in a statement. "Which is a fundamental component of building a future in which money and digital resources move on open protocols."
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Interstellar co-founders Interstellar
The for- profit subsidiary of the Stellar Development Foundation acquired Chain, a venture-backed blockchain startup with some of the biggest names in corporate adoption among its customers
As part of the all-cash transaction for an undisclosed amount, the San Francisco chain Existing investors, including Visa, Nasdaq and Citi Ventures, will receive a return on investment, according to the co-founder of the Adam Ludwin chain.
But from a broader perspective, the agreement stands out for being one of the clearest proof so far a blurring of lines between the once firm division between private , corporate blockchain solutions and public blockchains that support a native cryptocurrency.
While companies like IBM have recently started to work using cr Stellar's native lumen iptovaluta (XLM) and Visa, Nasdaq and Citigroup have all produced with Chain, the merger is bound to skip the initial activity among the entities.
"All the customers we have now have actually gone from using a traditional database model for using a token model, issuing resources in a local environment," said Ludwin, who now he is CEO of the newborn Interstellar. "By collaborating with Stellar you can lay off a resource in another institution."
Ludwin states that the acquisition took place for "far more than $ 40 million" of chain investors, adding that the company "had millions of income and millions of dollars in the bank", even if it refused to share more details.
"The chain did not need to sell the company," he said. "This was supposed to be a big strategic move and a big return and it was both."
In addition to Ludwin taking over the role of CEO of the new company Interstellar, Stellar's creator Jed McCaleb will take over the role of chief technical officer. McCaleb, who is also co-founder of competitor Stellar Ripple and founder of the closed cryptocurrency exchange Mt Gox, will continue his duties at the foundation that helps facilitate the development of open source stellar code.
The lumen cryptocurrency is now valued at $ 0.02 each, with a total market value of $ 3.9 billion
As part of the agreement The current Chain business customers who using its Chain Core software for authorized blockchains, including Visa, Nasdaq and Citigroup, will now be served by the Interstellar company. Customers of Fintech Cloudwalk and LPS, a French insurance company, who use Chain storage services from Sequence, will also move to Interstellar.
Formally, the acquisition was made by the for-profit branch of the Stellar Development Foundation, called Lightyear. The Chain and Lighteyear brands will both be withdrawn as a result of the business. At the time of launch, Interstellar will employ 60 people based in San Francisco and offices in New York City.
Ludwin compares the authorized blockchain environments with existing Chain clients as a layer that will position itself over the public blockchain platform created by Stellar and powered by the lumen cryptocurrency. A trading service that is expected to launch soon called StellarX, for the crypto-assets created on the stellar blockchain, will also move under the umbrella of the Interstellar.
Last year, Visa announced that it had launched the first phase of a B2B powered by Chain payments network, and Nasdaq and Citi revealed a separate joint project for cross-border payments via Chain. While Ludwin later claimed to have six similar networks at various stages of development, he has now described a series of obstacles that prevent further growth.
In particular, he states that Chain has not been able to bring new customers together without a public network and its company has briefly considered launching its public blockchain. But when McCaleb launched Lightyear last year as a way to attract partners to build on Stellar, Ludwin says the pair has reevaluated their trajectories. "Chain and Stellar had equal and opposite problems," said Ludwin. The problems that they now believe can best be solved together.
The merger points to the greatest interest in the blockchain space of how authorized networks can interact with other platforms. While the US Depository Trust and Clearing Corporation have built their next blockchain platform to interoperate with the public blockhouse ethereum, the Chain merger shows another possible path forward.
"The Chain team has led the market for corporate adoption of the technology blockchain," said McCaleb in a statement. "Which is a fundamental component of building a future in which money and digital resources move on open protocols."
