Stellar Acquires Chain For $500 Mln. True Or False?

Stellar acquires Chain For $500 Mln in XLM tokens. Real or fake?
On June 20, Fortune published information that Stellar is negotiating the purchase of the American start-up Chain. Chain deals with blockchain solutions for the financial industry. According to Fortune, the deal can amount to $ 500 million in cryptocurrency Stellar Lumen (XLM).

Stellar Acquires Chain. Details

Referring to anonymous sources familiar with Stellar and Chain, the Fortune informs that Stellar representatives are ready to pay $ 500 million in XLM for the start-up Chain, which managed to attract over $ 43 million from various financial institutions, in particular, Capital One, Citigroup, Nasdaq and Visa , as well as from IT focused companies – Khosla Ventures, Blockchain Capital and Pantera Capital.

Stellar was founded in 2014 by one of the creators of Ripple, Jed McCaleb. Lumen token ranks seventh among the cryptocurrencies with a market capitalization of more than $ 4.3 billion. This week, New York state financial regulators allowed the trading of this cryptocurrency on the itBit exchange.

Stellar blockchain solutions are used by many companies – from Kik’s messenger to IBM, which through XLM implements cross-border payments in the countries of the Asia-Pacific region.

It is still unknown what are Stellar plans for Chain startup. The developers of Chain are engaged in the creation of blockchain solutions, in particular Sequence. This product allows its users to transfer balances in a token format within private registries. According to Fortune, Stellar’s interest in Chain can be explained by the fact that the project gathered a strong enough team of talented blockchain developers.

Such acquisitions have recently become very popular in the crypto industry, especially among wealthy companies like Coinbase.

It is noteworthy that this purchase, according to Fortune, will be made in XLM, not in fiat money or securities. In addition, investors can freely and immediately sell these coins. Thus, no matter how “bullish” the investor sentiment regarding the fact that Stellar acquires Chain, this purchase may still have a negative impact on the XLM rate.
According to CoinMarketCap, at the time of writing, XLM is trading at $0.219913

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