Stellar's for-profit subsidiary (called Lightyear) has purchased Chain, the permissioned blockchain venture backed by Visa, Nasdaq, and Citi Ventures. CEO Adam Ludwin noted that Chain did not need to sell - but rather that the acquisition made sense strategically while also providing a good return for investors.
As part of the deal, Chain’s existing enterprise customers using its Chain Core software for permissioned blockchain—including Visa, Nasdaq and Citigroup—will now be served by Interstellar. Fintech customers Cloudwalk and LPS, a French insurance company, which use Chain's Sequence cloud storage services, will also move to Interstellar. Ludwin compares the permissioned blockchain environments running to Chain’s existing clients as a layer that will sit on top of the public blockchain platform created by Stellar and powered by the lumen cryptocurrency. A trading service expected to launch soon, called StellarX, for crypto-assets created on the Stellar blockchain, will also move under the Interstellar umbrella.