{"id":5874,"date":"2018-09-10T17:37:56","date_gmt":"2018-09-10T14:37:56","guid":{"rendered":"https:\/\/forklog.media\/?p=5874"},"modified":"2018-09-11T19:12:04","modified_gmt":"2018-09-11T16:12:04","slug":"blockchain-startup-chain-acquired-by-lightyear-to-move-business-to-stellar-protocol","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/blockchain-startup-chain-acquired-by-lightyear-to-move-business-to-stellar-protocol\/","title":{"rendered":"Blockchain Startup Chain Acquired by Lightyear, Moves Business to Stellar Protocol"},"content":{"rendered":"

San Francisco-based technology startup Chain Inc. has been acquired by Lightyear Corp., with two companies forming a new entity called Interstellar. As reported<\/a> by Reuters, Interstellar will migrate Chain\u2019s customer base and products onto Stellar\u2019s public ledger, creating a platform that will enable organizations to issue, exchange and manage digital assets.<\/p>\n

Chain Chief Executive officer Adam Ludwin said:<\/p>\n

\u201cWe were looking for a way to help our customers move the projects that we have been working on from a private network to a public one.\u201d<\/strong><\/p><\/blockquote>\n

According to Ludwin, when Chain started several years ago the company\u2019s \u201ccustomers were not ready for a public network.\u201d<\/p>\n

\u201cFast forward to three years, they\u2019re willingness has gone up, and the maturity of the public networks has changed a lot,\u201d<\/strong> he added.<\/p><\/blockquote>\n

Chain raised more than $40 million<\/a> from companies such as Visa, Citi Ventures and Nasdaq. Ludwin declined to disclose financial details of the acquisition, but said Chain investors were cashed out. The transaction closed last week in negotiations that started late last year.<\/p>\n

\u201cThe deal turned out to be a very good outcome for our investors,\u201d i<\/strong>nsists Ludwin.<\/p><\/blockquote>\n

Earlier this year Fortune suggested<\/a> that the deal could be valued as much as $500 million in Stellar Lumens (XLM).<\/p>\n

Under the terms of the deal, the Chain and Lightyear brands will be retired. Adam Ludwin will be the new company\u2019s CEO, while Jed McCaleb, co-founder of Stellar Development Foundation and Lightyear, will be the chief technology officer.<\/p>\n

Interstellar will employ 60 people with headquarters in San Francisco and an office in New York City.<\/p>\n

Interstellar\u2019s product portfolio will also include StellarX<\/a>, a recently announced marketplace for trading assets on Stellar. StellarX is currently in beta phase and will launch to the public soon.<\/p>\n

Chain is not the only project that recently decided to move processes onto Stellar blockchain. Last December SatoshiPay, a micropayments platform, moved to Stellar after concluding that Bitcoin payments were too expensive for its purposes. As SatoshiPay\u2019s CEO Meinhard Benn told ForkLog<\/a>, they needed \u201cmany fast and cheap transactions\u201d and Stellar was the best and most practical solution.<\/p>\n

Follow ForkLog on Twitter<\/a><\/span> and Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"

San Francisco-based technology startup Chain Inc. has been acquired by Lightyear Corp., with two companies forming a new entity called Interstellar. As reported by Reuters, Interstellar will migrate Chain\u2019s customer base and products onto Stellar\u2019s public ledger, creating a platform that will enable organizations to issue, exchange and manage digital assets.<\/p>\n","protected":false},"author":1,"featured_media":5875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[725,867,868,149,243],"class_list":["post-5874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-acquisitions","tag-chain","tag-interstellar","tag-startup","tag-stellar"],"aioseo_notices":[],"amp_enabled":true,"views":"229","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=5874"}],"version-history":[{"count":5,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5874\/revisions"}],"predecessor-version":[{"id":5883,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5874\/revisions\/5883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5875"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=5874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=5874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=5874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}