Blockchain Startup Chain Acquired By Lightyear To Create Re-Branded Company Interstellarbr>
Founded in 2014, Chain builds enterprise-grade blockchain products leveraged by major financial organizations including Visa, Nasdaq, and Citigroup. Its cloud product, Sequence, enables enterprises to issue, manage, and track assets as they move between private ledgers.
Founded by Brit Yonge and Jed McCaleb in 2017 with support from the Stellar Development Foundation (SDF), Lightyear supports global partner activities for the Stellar network, an open network that allows any currency or asset to be digitally issued, transferred, and exchanged over the Internet.
With this acquisition, the Chain and Lightyear brands will reportedly be retired, and the combined company will be re-named “Interstellar.” Adam Ludwin, who is currently Chain’s CEO, will be Interstellar’s chief executive officer, while Jed McCaleb, co-founder of the SDF and Lightyear, will be chief technology officer of the combined company. The SDF will remain independent.
At launch, Interstellar will employ 60 people, with headquarters in San Francisco and offices in New York City. Chain will bring its enterprise customer base and products to the Stellar network to create an end-to-end solution that will enable organizations to issue, exchange, and manage assets on a highly-scalable public network. Interstellar’s product portfolio will also include StellarX, a recently announced marketplace for trading assets on Stellar. StellarX is currently in beta and will be launching to the public soon.
“Chain’s 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,” said McCaleb. “We are thrilled to be joining forces to help organizations build on Stellar.”
“Chain has admired Stellar for years, and from day one we’ve shared their goal of enabling financial assets to move seamlessly over the internet,” said Ludwin. “Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team, we will have a complete view and set of capabilities to make value-over-IP a reality.”