SAN FRANCISCO / LONDON (IT BOLTWISE) – Blockchain startup Chain Inc. has secured $30 million in a new round of funding. Investors include prominent names such as Visa, Nasdaq and Citi Ventures. This investment highlights the financial industry’s growing interest in blockchain technologies that could revolutionize the transfer of digital assets.
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San Francisco-based blockchain startup Chain Inc. recently closed a significant funding round, raising $30 million from financial industry leaders. Investors include Visa, Nasdaq, Citi Ventures, CapitalOne, Fiserv and French telecommunications company Orange. This investment demonstrates the increasing interest of established financial institutions in blockchain technology, which has the potential to fundamentally transform the transfer of digital assets.
Chain Inc. provides a platform that enables banks and financial institutions to create, issue, store and transfer digital assets on private networks. These networks are based on the Bitcoin blockchain, but typically do not use Bitcoin as currency. Instead, they are interoperable with other open digital currency networks. Chain’s platform aims to improve efficiency and security in the financial sector by leveraging the benefits of blockchain technology.
The investment in Chain Inc. comes at a time when the financial industry is increasingly exploring the possibilities of blockchain technology. Experts like Susan Athey of Ripple Labs predict that traditional banks and payment networks could benefit significantly from adopting blockchain solutions. The technology offers a cheaper alternative to traditional financial instruments such as credit cards, which generate high annual fees.
Chain Inc. has already secured key partnerships, including a collaboration with Nasdaq, to enable blockchain-based trading of pre-IPO companies’ stocks. These partnerships underscore the industry’s confidence in Chain’s ability to increase the efficiency of capital markets. The support from major financial institutions shows that Chain is well positioned to benefit from the changes in market structure enabled by blockchain technology.
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