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Lightyear Acquires Chain For Path To Stellar Network

· 21 Sep 2018 in Cryptocurrency News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Chain, a blockchain company based in San-Francisco, will be working under the Lightyear umbrella with the intention to join the Stellar Network. Lightyear is an entity that will soon be re-named to Interstellar and recently acquired Chain.

Chain and Lightyear Work Together On Top Of Stellar’s Network

Chain is a firm that builds blockchain products for different enterprises. These services offered are backed by important financial companies such as visa, Nasdaq or Citigroup. At the same time, the company has developed a cloud product known as Sequence. In this way, different organizations are able to track assets while using the Stellar network.

Jed McCaleb, co-founder of the Stellar Foundation, commented on the matter:

“Chain’s team has led the market for enterprise adoption of blockchain technology which is a critical component of building a future where money and digital assets move over open protocols.”

Interstellar decided to acquire Chain with the intention to receive the enterprise products developed by Chain. Moreover, it will also have access to its customer base. That would help the company issue, exchange and manage assets using a public network.

Stellar (XLM), the currency that powers the Stellar network, is the sixth most valuable cryptocurrency. It has a market capitalization of $3.92 billion dollars and each coin can be bought for $0.208 dollars.

In the past, Chain raised around $43 million dollars. Capital One, for example, was one of the main companies behind these investments.

“Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team we will have a complete view and set of capabilities to make value-over-IP a reality,” commented Chain’s CEO Adam Ludwin.

Companies would have an easier task to create their own financial services and products with Interstellar. The Stellar network is a great tool that developers have to improve applications, services, and products.

Interstellar has offices in New York, Singapore, and San Francisco. For the future, the company is thinking about hiring 60 employees.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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