Lightyear Buys Out Visa- and Citi-backed Chain Startup
September 12, 2018
Cryptocurrency project Chain that raised about $40 million via giants like Visа and Nаsdаq was bought in by Lightyear.io that is based on the Stellar protocol.
The contract entered into force last week, but it was only September 11 when it all became known. According to the documents, the new organization will be branded Interstellar with Adam Ludwin as CEO and Ripple and Stellar protocols creator Jed McCaleb as technical director.
Current CEO of the company Adam Ludwin told that the new firm will take up all Chain employees including the co-founder of the company Devon Gundry who will be in charge of the project. Thus the new firm will employ around 60 persons.
Although the terms of the deal are unknown, Ludwin said that it turned very unprofitable for investors. As various sources state, the project might have cost about $200 million and given the figure is correct the acquisition was among the largest ones in the digital sector in 2018.