Earlier this year, we reported that cryptographic ledger company Chain was in talks to be acquired by blockchain technology platform Stellar. Today, Chain announced that the deal has been finalized, and that it is retiring the Chain brand and rebranding to Interstellar.
Interstellar brings Chain together with Lightyear, which Stellar launched in 2017 to design and develop the Stellar protocol and create an open source reference for the Stellar network. Interstellar leverages Lightyear’s functionality and blends it with Chain’s enterprise products and customer base. Combined the two companies offer a platform that makes it easier for large enterprises to build on Stellar.
Adam Ludwin, who has served as CEO of Chain since the company’s launch in 2014, will transition to the role of Interstellar CEO. “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.”
Chain’s product offerings will become part of Interstellar’s product portfolio. The portfolio will also include StellarX, a marketplace where users can trade assets on Stellar.
Interstellar will be headquartered in San Francisco with offices in New York and San Francisco. The new organization will employ 60 people. Jed McCaleb, founder of Stellar, will serve as Interstellar CTO.
Ludwin showcased at FinDEVr San Francisco 2015, where he gave a presentation titled, The Blockchain Is Eating Financial Services. Earlier this year, Forbes listed Chain on its Fintech 50 roster that highlights the top private fintechs that have operations, customers, or impact in the U.S. Before its acquisition, Chain had raised more than $43 million from notable investors including Khosla Ventures, RRE Ventures, Nasdaq, Visa, Citi Ventures, and Thrive Capital.