Chakra was developed by Microsoft in 2008 from scratch. Apart from Microsoft Edge browser, Chakra powers Universal Windows applications like in Xbox, a Windows phone, or a desktop PC. It also powers services like Azure, Cortana and Outlook.com. Chakra is in a sense more than Edge browser.
Microsoft has also stated that othe organisations like Intel, AMD and Nodesource have expressed interest in developing Chakra engine.
Overall it means that Microsoft is undergoing a fundamental trnasformation and becoming a more open source friendly company which in the long term is a good thing.