Lightyear Corporation, a universal payments network built around Stellar's open financial protocol, announced the acquisition of Chain, in a merger that sees both brands combine to form a new entity called Interstellar.
Under the terms of the merger, Interstellar will help organizations build applications on the stellar network while the Stellar Development Foundation will remain completely independent. Former CEO of Chain Adam Adamwin also becomes CEO of Interstellar, while Jed McCaleb assumes the role of Interstellar CTO.
Chain has become important as a startup that creates enterprise-class blockchain applications for financial organizations such as Visa, Citigroup, Nasdaq and many others. The company also raised about $ 40 million from partners including Thrive Capital, Citi and Orange.
The combination of both companies creates a high-end, end-to-end blockchain development solution that will enable organizations to issue, exchange and manage activities on a flexible, scalable and multi-functional public network.
Speaking with Bitcoin Magazine Interstellar CEO Adam Ludwin said: "At heart, we believe that the adoption of blockchain by companies is synonymous with the digitization of assets issued by companies, and this is exactly what is accelerated with this fusion. "
Ludwin expressed admiration for Stellar and said he did not see the time to engage with the technical expertise of Stellar.
"The chain has worked from within the company, while Stellar has focused on the network between organizations.As a single team, we will have a complete view and a set of features to make value -over-IP a reality, "he said in a statement from the company.
Chain's cloud solution, Sequence, provides a reliable framework for monitoring resources as they move between private registers and the Stellar network, making Interstellar the ideal choice for businesses and developers to create products innovations on the Stellar platform.
"The Chain team has led the market for the corporate adoption of blockchain technology, which is a critical component of building a future in which money and digital resources move across open protocols," said McCaleb. .
In addition to the Chain – Sequence cloud product – Interstellar's new portfolio will also include StellarX, a complete trading app for the Stellar universal market.