News Corp, the parent company of The Wall Street Journal, has backed Stellar, an altcoin that aims to become a new blockchain that can rival bitcoin and the dollar.
Stellar aims to “expose the potential of blockchain technology and the underlying technologies underlying it,” according to a press release.
“Blockchain technology is a technology that could fundamentally change the way businesses and institutions transact, and the potential for this to be a catalyst for the economy as a whole.”
Stellar is a project of the Ripple Institute, an independent research group, with the goal of making blockchain a viable alternative to traditional payment systems.
Stellar is aiming to become the most popular cryptocurrency in the US and other markets by the end of 2020.
The project is also being backed by the European Union, the World Bank and the Australian government.
Ripple has invested in a number of other altcoins, including Monero, which aims to decentralise payments.
The company is also working on a new token called Ripple XRP, which it says will be a peer-to-peer payment system.
Stellar’s token sale is the second in less than two weeks.
The first was announced on Friday, with an initial coin offering (ICO) of $1.3m, which closed on the same day as the first coin sale.
Stellar has also raised another $2bn in its ICO, bringing its total raised to $5bn.
The total amount raised for the ICO is nearly double the amount raised by Ripple in its first ICO.
Stellar, which is currently trading at $6,600 per coin, raised the most in cryptocurrency fundraising in the past five years.
Stellar was initially introduced in 2016, when the project was created by Ripple Labs.
The team is now backed by $5.3 billion in venture capital, according to its website.
The Stellar team is currently working on new projects.
A number of the companies involved in Stellar include Coinbase, Digital Currency Group, Stellar Capital, R3, Ripple, BitPay, Square, BitFury, and Bitfury Digital.