Stellar Acquires Chain Blockchain Platform for $500 Million

This week Stellar are reported to have made a deal to buy out San Francisco based blockchain company, Chain, for $500 million in XLM tokens.

According to a recent publication by Fortune, the new deal has been made as part of Steller's plan to acquire new developers to progress their own blockchain expansion. The Chain’s ‘Sequence’ service could be a valuable addition to the Stellar platform, offering ‘a ledger-as-a-service that enables organizations to securely track and transfer balances in a token format.’

This ledger service has a wide range of applications and can be used to record transactional information for lending platforms, funding sites, asset managers, crypto exchanges, sharing economies and payment services.

With the Stellar Network capable of sending cross-country payments using their native XLM token, having a completed adaptive ledger system could mean that the Stellar Blockchain will be able to install DLT features across traditional financial institutions, powered by their proven utility token.

To some degree this work is already underway with some of Steller's banking partner IBM, who has leveraged the stellar network to build DLT products for their clients.

Excitement over this news has already started to have an effect on XLM’s price. At the time of writing, Stellar Lumens is up 2.02% and is by far the best performer in the top 10 cryptocurrencies right now.