Stellar Plans to Purchase Blockchain Startup Chain for $500 Million
Stellar, the creator of the lumens (XLM) — often stylized as stellar — cryptocurrency, is mentioned to be involved in negotiations to purchase blockchain startup Chain for $500 million.
Quoting unknown sources familiar with the considirations, Fortune informs that Stellar will pay $500 million worth of XLM to acquire Chain, which had tentatrively increased more than $43 million from a diversity of financial establishments involving Capital One, Citigroup, Nasdaq, and Visa, and tech-concentrated assets like Khosla Ventures, Blockchain Capital, and Pantera Capital.
It’s not obvious what Stellar’s schemes are for the San Francisco-based Chain, which evolves firm blockchain decisions involving Sequence, a ledger-as-a-service product that enables institutions to pass balances in token formatting on personal accounting book.
Currently, stellar estimates as the world’s seventh-largest cryptocurrency with a market cap of $4.3 billion. The token has just $40 million in everyday trading volume, meaning that if Chain investors race to trade even a small percentage of the XLM tokens.
Nevertheless, the XLM price largely tracked with the overall cryptocurrency market on Thursday, declining six-tenths of one percent to a present value of $0.23.