Friday, June 2, 2023

Stellar plans to buy Chain for $500 million


Stellar, the creator of the digital currency Lumens, wants to purchase blockchain platform  Chain for $ 500 million, with payment being made in Lumens tokens (XLM). It is worth mentioning that at the moment Lumens occupy the 7th place among electronic currencies.
Stellar employees do not disclose the deadline for completion of the transaction and do not comment on plans for the future development of the platform. The decision of the Stellar executives is due to their interest in the Chain team of specialists, not the company’s technology. Experts believe that today cryptomarket is fighting for the best developers in the field of blockchain technology.

Since its foundation in 2014, the Chain platform has attracted more than $ 43 million in investments, including from institutional investors – Khosla Ventures, RRE Ventures, Nasdaq, Visa, Citi Ventures and Thrive Capital. The main product of the project is Sequence, a distributed database that allows businesses to execute and track transactions in tokens.

Blockchain-platform Chain consists of the following key parts:

  • storage of digital currency in a mobile wallet
  • issue, service, and sale of loans on a credit platform
  • joint travel application
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