Stellar takes over the blockchain startup Chain that had support from Visa and Nasdaq. Chains CEO Adam Ludwin announced that today. The aim is to withdraw and combine the individual products of the companies. Together they form Interstellar.
That’s what news agency Reuters is reporting today. Interstellar will migrate Chain’s customer base and products to Stellar’s global blockchain, developed by the company Lightyear. This creates a platform which, according to Ludwin, will enable companies and other organisations to manage assets. We are looking for a way to help our clients move the projects we have worked on from a private network to a public network.
Chain was one of the biggest players in the field of blockchain, with customers in the financial services industry. Stellar was an open network that makes it possible to exchange, transfer and issue any currency. All this over the internet. One of the companies that made active use of this is Intel, which developed a payment network based on Stellar’s blockchain.
The amount of money involved in the takeover is not certain. Last week, the deal was only completed, where the takeovers started at the end of last year. Within the deal, investors in Chain were bought out. It turned out to be a very good deal for our investors, Ludwin concludes. However, we do know how much money Chain raised during an investment round in 2014: companies such as Visa, Nasdaq and Citi Ventures jointly invested 40 million dollars.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.