Stellar Looks to Acquire Chain for $500 million XLM

Stellar Lumens is currently discussing the possibility of acquiring Chain - a San Francisco-based startup building cryptographic ledgers for the finance industry.

Although it's unclear how Stellar will utilize this technology, the 7th largest cryptocurrency is willing to part with $500 million worth of XLM for the purchase, according to Fortune.

Founded in 2014, Chain raised more than $43 million in a series of funding rounds with some of the largest names in venture capital - including Khosla Ventures, RRE Ventures, Capital One, Visa, Citigroup, Nasdaq and Orange - France's main telecommunications company.

Chain's blockchain developer platform aims to provide banks and financial institutions the ability to create their own private networks.

Where countless blockchain protocols have emerged to offer a superior means of transaction, Chain seeks to package this technology for the finance sector - and is not a blockchain in itself.

Chain intends to convince financial heavyweights they are acquiring the infrastructure needed to exist in a decentralizing and digitizing world.

This strategy appears to be working as Nasdaq announced they will use Chain's technology to build a distributed ledger-based payment system with financial services giant Citi.

"Emerging technologies like Distributed Ledger Technology are driving digitization and enabling new platforms and blockchain ecosystems that can provide real-time digital solutions."

Chain's mission appears to pair well with Stellar, which seeks to integrate blockchain technology into existing financial systems.

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