Stellar completes Chain acquisition in readiness for Insterstellar project
|- Chain has since its inception in 2014 raised at least $40 million all in private capital.
- Stellar is still languishing in selling pressure in spite of the partnership news.
Stellar recently announced the acquisition of a blockchain startup referred to as Chain in cash has been successfully completed. Rumors surrounding the acquisition have existed for a few months but the deal has finally gone through.
Chain has since its inception in 2014 raised at least $40 million all in private capital. The startup is said to have collaborated with global leaders such a Visa, Nasdaq and Citigroup. The company was formed with the purpose of developing “cryptographic ledger systems that make financial services smarter, more secure, and more connected.”
The blockchain startup made the acquisition public on August 10, although the deal was signed on September 5. The new Stellar Venture, Interstellar will be in the leadership of the Chain CEO, Adam Ludwin who commented on the buyout saying:
“All of the clients that we have now have effectively shifted from using a traditional database model to using a tokens model, issuing assets on a local environment. By partnering with Stellar you can fire an asset to another institution.”
He further said that the new venture was going to keep most of the employees that worked at Chain. The details of the deal did not, however, indicate the exact amount of the deal but the CEO told CryptoDaily that it significantly exceeded $40 million.
Stellar price technical picture
Stellar has ignored the above strategic news, although there was a slight pullback from the primary support at $0.185. The upside was immediately limited at $0.19, besides the 50 simple moving average is hindering movement at $0.1920. XMR/USD is trading at $0.190 while the path of least resistance is to the south. There must be a break above $0.20 in the near-term to allow the buyers to form a path to the supply zone at $0.21.
XMR hourly chart
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