Lightyear And Chain Create Joint Project Interstellar
Chain Inc., a technological project from San Francisco, was purchased by Lightyear Corp., which is engaged in the evolvement of the Stellar blockchain, Reuters reports with reference to the information presented by Adam Ludwin, CEO of Chain.
Both companies have teamed up to establish the Interstellar project. It will be headed by CEO Adam Ludwin and the founder of the Stellar protocol, Jed McCaleb, who will act as CTO. As for the rest of Chain's employees, in accordance with Ludwin's statements, Interstellar will retain 100% of the company's staff, including the co-founder Devon Gundry, who will be the CPO. In total, approximately 60 new staff members will be employed by Interstellar.
Ludwin didn’t provide detailed information about the deal, but as previously reported, its estimated cost could reach $200 million. He also stated that merging with Lightyear implies that all Chain services must now be built on the Stellar protocol, which, in his opinion, will only improve the functionality of the company. He explained that Chain has made a significant progress in working with Visa and Citi, but at the same time, the implementation of the large-scale blockchain will ease cooperation with partners.
Within the framework of Interstellar, the partners intend to create a StellarX trading platform for operations with funds based on the Stellar network. Currently, developers are testing a beta version of this service.
As previously reported, IBM Corporation together with the Stellar team are planning to create a global blockchain-based financial network for international online transactions.