The deal, which completed last week, has resulted in the creation of a new company – Interstellar. Interstellar’s product portfolio is set to include StellarX, a recently announced marketplace for trading assets on Stellar.
On Monday, according to a statement by Lightyear Corp’s Chief Executive Officer Adam Ludwin, it had acquired San Francisco-based tech start-up Chain Inc for an undisclosed amount.
Lightyear Corp focusses on Stellar blockchain.
Following the acquisition, the new company – Interstellar – will migrate Chain’s customer base and products onto Stellar’s blockchain-based global public ledger. This platform will enable organizations to issue, exchange and manage assets, said Ludwin.
“We 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,” said Ludwin. “When we started a few years ago, our customers were not ready for a public network. Fast forward to three years, they’re willingness has gone up, and the maturity of the public networks has changed a lot”.
While Ludwin disclosed that Chain’s investors cashed out, he declined to provide financial details of the acquisition, which closed last week.
“The deal turned out to be a very good outcome for our investors,” said Ludwin.
Incidentally, Chain was one of the bigger players in the blockchain space and has customers in the financial services industry. Its Stellar platform allows any currency or asset to be digitally issued, transferred, and exchanged over the internet.
Recently, IBM announced that it is launching a payment network based on the Stellar blockchain.
Chain is a blockchain infrastructure company that enables organizations to build better financial services from the ground up. It has raised more than $40 million from companies including Visa, Nasdaq and Citi Ventures.
As part of the deal, the Lightyear and Chain brands will be retired.
Ludwin will be Interstellar’s CEO while Jed McCaleb, co-founder of Stellar Development Foundation and Lightyear, will be the chief technology officer.
San Francisco-based Interstellar will have an office in New York City and will employ 60 people.
Interstellar’s product portfolio will also include StellarX, a recently announced marketplace for trading assets on Stellar.
StellarX is currently in beta phase and will be available to the public soon.