Lightyear, the for-profit arm of the Stellar Development Foundation (SDF), has acquired blockchain startup Chain. Both companies will abandon their former monikers and conduct business under the name "Interstellar". Chain's CEO Adam Ludwin is slated to become Interstellar's CEO, while Jed McCaleb, co-founder of SDF and Lightyear, will become the new entity's CTO.
Lightyear leveraged the Stellar open network to permit the issuing, exchange or transfer of any currency or asset over the internet. Chain, on the other hand, specialized in building custom and enterprise-level blockchain products for financial organizations such as Visa and Nasdaq. Interstellar will combine Chain's customer base of leading financial organizations with Lightyear's global public ledger.
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Interstellar will be able to issue, exchange and manage client assets on a highly-scalable public network, while allowing organizations to track transactions via Chain's cloud ledger service, Sequence, as they move between Stellar's network and their private ledgers.
"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."
Newly named CEO Adam Ludwin echoed McCaleb's sentiments: "Chain has admired Stellar for years and from day one we've shared its goal of enabling financial assets to move seamlessly over the internet.
"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," Ludwin added.