Visa, NASDAQ, Citi and other prominent payment companies have invested $30 million in Chain.com, a blockchain infrastructure provider for FIs and enterprises.
In addition to these names, other investors include Capital One, Fiserv and French telecom Orange. This investment shows the trust these companies have on disruptive blockchain technology to power mobile payments. Former American Express CEO Jim Robinson III has joined the Board of Directors of Chain.
Blockchain has been one of the most awe-inspiring innovations since the Internet came into existence. Blockchain technology basically allows everyone to hold and make transactions as strangers but in a completely transparent manner. There is no mediator in between two people making the transaction, and the entire process becomes easier and cheaper. This concept can be applied to the entire digital world making any kind of exchange/transactions secure (and not just bitcoin).
Chain helps companies build financial products around blockchain technology with its bitcoin data API. NASDAQ has chosen Chain to run a pilot around blockchain technology on the NASDAQ Private Market.
According to Forbes’ estimates, the series B round of funding brings the company’s valuation to nearly $150 million.
“We believe in the company and we think it is important to be close to the technology being developed. We’re putting our money where our mouth is in following and backing the company’s continued success and development,” Jean-Jacques Louis, NASDAQ Senior Vice President of Strategic Initiatives, said to Forbes.
Chain.com CEO Adam Ludwin said to Forbes, “You can envision a system where NASDAQ, Citi and Fiserv are all part of a network, and a system were Capital One and Orange are part of a network.” He also added that each company was chosen because it could potentially bring others along with them.
Many startups are building their businesses around blockchain technology. Consequently, VC firms like KPCB are showing interest in investing in these startups. While startups like Coinometrics gather data and research on qualitative and quantitative behaviors on blockchains, there are others like BTCJam who provide bitcoin-based loans. A number of other startups built around blockchain technology include BlockCypher, BitPay and BitPagos.