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Stellar acquires a Blockchain startup called ChainBy Swati Keswani | Sept. 17, 2018, 7:36 a.m. GMT
After its ‘stellar’ acquisition of Chain (upheld by Visa), you should begin preparing yourself to see Stellar in the news for all the right reasons. It all started with news that Stellar and IBM are collaborating for cross-border payment solutions that will compete with those from Ripple. The clearing and settlement of payments with certainty will be conceivable in almost instant speed. The solution does not specifically express that it will use XLM as the instant source of liquidity, yet the guess is that this is the way it will happen.
Lightyear, a collateral of nonprofit financial platform is now collaborating with Chain as on the 10th of September 2018. The collaborated company will now be called Interstellar and we will no longer hear of Chain and Lightyear working separately.
Adam Ludwin, Chain’s co-founder has been appointed CEO of Interstellar with Jed McCaleb, the creator of Stellar and co-founder of Ripple taking control as the Chief Technical Officer. Lightyear is an association centered around the advancement of Stellar, an open source decentralized protocol for digital currencies.
The merger brings Chain's products and client base to Stellar's worldwide public ledger, thus concluding the arrangement that will empower associations to issue, trade, and oversee resources on a very adaptable public network. Chain's cloud ledger service, Sequence, will enable associations to effectively track resources/assets as they move between private ledgers and the Stellar network.
Jed McCaleb, says “Our 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 and we are very excited to join forces to help organizations build on Stellar”.
Some key role changes for Interstellar:
- Jed McCaleb, Co-Founder of Lightyear and Stellar Development Foundation will act as Chief Technology Officer at Interstellar
- Chain’s CEO, Adam Ludwin will act as CEO at Interstellar as well.
- Stellar Development Foundation, which supports the open source community and develops the Stellar protocol will remain independent.
The last few weeks have been great for Stellar because of this collaboration. If all these developments occurred at the time of Bull Run, XLM wouldn’t have faced any issues in crossing the $1 value. Ludwin also says that current investors of Chain, like Nasdaq, Visa, and Citi Ventures will get their ROI and active customers of Chain’s core software will now function under Interstellar.