Lightyear is about to merge with blockchain startup Chain. According to a Stellar blog post, Lightyear is a not-for-profit company that was created to enable innovative financial institutions to easily join the Stellar ecosystem.
Chain CEO Adam Ludwin told Reuters that the new company, called Interstellar, will migrate Chain's network of clients and existing products to the global public blockchain Stellar, thereby aiming to create a new public digital asset management platform. He also noted that previously customers were not ready for a public network, but after three years and with the development of public networks, now, in the company's opinion, is the time to offer customers new opportunities.
The companies have been negotiating a merger since late 2017 and have finally concluded a deal, although they prefer not to disclose its financial details. According to Reuters, Chain recently raised more than $40 million to develop blockchain financial services infrastructure, with investors including Visa, Citi Ventures and Nasdaq.
Following the merger of Chain and Lightyear to form Interstellar, Ludwin will serve as CEO of the new company, and Jed McCaleb, co-founder of the Stellar Development Foundation and Lightyear, will serve as CTO. The team will consist of 60 people with main offices in San Francisco and New York. The company's products will include the recently announced Stellar digital asset marketplace powered by "StellarX", which is still in beta.
According to cointelegraph.com
You May Also Like
Giant IBM integrates Stellar protocol
IBM recently announced that it is launching Blockchain World Wire (BWW), an international payment system with lower costs and faster transaction times, which is expected to phase out the need for banking intermediaries.
The TON blockchain project is 70% ready
Telegram, the messaging operator that has raised over a billion dollars in past investment rounds to build its own blockchain platform, has published an update on the development of TON (Telegram Open Network).
