NEW YORK (Reuters) – San Francisco Chain Inc. technology start-up was acquired by Lightyear Corp., a company focused on stellar blockchain, today said the executive director of the chain Adam Ludwin.
Interstellar, the new company, will migrate the customer base and Chain products to the global Stellar register, creating a platform that will allow organizations to issue, exchange and manage resources, said Ludwin in an interview with Reuters .
"We were looking for a way to help our customers move projects we worked from a private network to a public one," said Ludwin.
"When we started a few years ago, our customers were not ready for a public network, and by advancing rapidly to three years, their will has increased and the maturity of public networks has changed a lot," he added.
Blockchain is a distributed ledger used to support cryptocurrencies.
Ludwin refused to disclose the financial details of the acquisition, but said that investors in the chain were cashed. The transaction was closed last week in negotiations started at the end of last year. "The deal turned out to be an excellent result for our investors," said Ludwin.
Chain was a major player in the blockchain space with customers in the financial services industry, while Stellar is an open network that allows you to issue, transfer and exchange any currency or resource on the Internet.
IBM recently announced that it is launching a stellar blockchain payment network.
Chain, a blockchain infrastructure company that allows organizations to create better financial services from scratch, has raised over $ 40 million from companies such as Visa, Citi Ventures and Nasdaq.
In the transaction, the Chain and Lightyear brands will be withdrawn. Ludwin will be the CEO of the new company, while Jed McCaleb, co-founder of Stellar Development Foundation and Lightyear, will be the head of official technology.
Interstellar will employ 60 people based in San Francisco and an office in New York City.
Interstellar's product portfolio will also include StellarX, a newly announced market for trading Stellar assets. StellarX is currently in beta and will soon be presented to the public.
Report by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler