News reaching Global Coin Report, indicate that the Stellar Organization, which is the creator of XLM, is in acquisitions talks with Chain: a San Francisco-based startup that builds blockchain solutions for the financial industry. Chain is on a mission to enable a smarter and more connected economy by building cryptographic ledgers that underpin breakthrough financial products and services.
According to people familiar with the deal, the price tag of the acquisition is said to be $500 Million in XLM. This value in USD amounts to 2.2 Billion XLM coins using the current rate of $0.228.
Chain has a record of raising more than $43 Million in venture funding from investors such as Khosla Ventures, RRE Ventures, Blockchain Capital, Pantera Capital, Nasdaq, Visa, Citi Ventures, Thrive Capital, BoxGroup, and Haystack. If the deal goes through the backers of Chain, will receive payments in XLM and will have the freedom of HODLing as well as selling them in the markets.
The Stellar Organization is known to be in possession of a majority of the over 104 Billion total supply of XLM coins. Only 18.6 Billion XLM are in circulation. The plan by the organization to distribute the rest of the coins is as follows.
- 50% for distribution via the Direct Sign-up Program
- 25% for distribution via the Partnership Program
- 20% for distribution via the Bitcoin Program
- 5% held by SDF (Stellar Development Foundation) to support operational costs
It is with the latter amount, that the purchase of Chain will most likely be made from. 5% of 104 Billion is 5.2 Billion. If the recipients of the coins decide to sell the coins in the crypto-markets at the same time, then the circulating supply is sure to go up leading to a price decline in XLM. This would be a major blow to any other XLM HODLers and investors. But this case is highly doubtful.
The other option is for the new owners to simply HODL as Stellar continues to seal more partnerships such as the existing ones with IBM and Kik. With more partnerships, comes additional attention to the coin and project that will add value to the digital asset.
According to other news reports, the basis of the acquisition is that Chain has very talented blockchain developers as well as engineers. The two firms both deal with finance and payments: therefore the acquisition is a plus for both organizations.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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