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Stellar Lumens startup Lightyear takes over Chain, Ripple XRP founder becomes CTO

Stellar Lumens startup Lightyear takes over Chain, Ripple XRP founder becomes CTO

A long-awaited acquisition has become a reality. As has been communicated now, Lightyear Corp. has acquired the company Chain Inc. Lightyear is a start-up based on the Stellar protocol. Chain provides Blockchain business infrastructures.

The two projects should together form a new company called “Interstellar”. The previous company name “Chain” and “Lightyear” you want to give up. The CEO of Interstellar is to become the former Chain CEO Adam Ludwin. Chief Technical Officer will be Jed McCaleb, the creator of Ripple XRP and the Stellar Protocol. Interstellar should have 60 employees. The new company's headquarters are said to be San Francisco, while they want to open another office in New York City.

Interstellar aims to bring the customer base of Chain and its products to Stellar's global public ledger. The aim is to create a platform that enables organizations to publish, exchange and manage assets.

Ludwin said:

“We were looking for a way to help our clients. We wanted to move the projects we work from a private to a public network. “

Interstellar's product portfolio will also include “StellarX”. This is a recently announced marketplace for asset trading on Stellar. StellarX is still in beta, but will soon be made public.

In relation to Reuters, Ludwin did not announce financial details of the acquisition. However, the investors in the Chain project were disbursed, it said.

The current acquisition concludes a long process. In early 2018, McCaleb approached Ludwin and asked for a meeting. Although they had known each other since 2014, they had never met before. The following discussions then focused on finding the right way to handle the business.

It was also a concern of Ludwin to distinguish the new company Interstellar from Ripple. To do this, Interstellar should work with the Stellar Development Foundation to further develop the software. In this context, Ludwin stated:

“Ripple [Labs] focuses on international B2B networks and presents itself as the crypto SWIFT for banks. Stellar has become more and more of a platform for issuing tokens of all kinds. “

Ludwin also stated that Interstellar wanted to continue using its cloud blockchain service “Sequence”, launched last October. In addition, you want to use the technique that underlies the chain protocol.

Chain was at the time focused on offering products to Bitcoin developers. This started as a well-funded competitor to early Silicon Valley start-ups like Gem and Coinbase.

Stellar Lumens startup Lightyear takes over Chain, Ripple XRP founder becomes CTO

Sources: Reuters, Forbes, Reddit, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/stellar-lumens-startup-lightyear-buying-chain-ripple-xrp-gruender-wird-cto/

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