Visa, Capital One Back $30 Million Round for Blockchain Startup Chain – The Basics about Cryptocurrency

Blockchain technology startup Chain has raised $30 million in new venture funding, drawing funds from financial services companies including Capital One, Fiserv and Visa.

French telecom giant Orange SA contributed to the round, months after disclosing that it was looking to invest in bitcoin startups, as did Nasdaq, which has been working with Chain, and Citi Ventures.

RRE Ventures, Khosla Ventures, Thrive Capital and SV Angel – existing investors of the firm – also took part, as well as former Bank of America CEO David Coulter, X Prize Foundation CEO Peter Diamandis and MongoDB co-founder Kevin Ryan.

In statements, Chain CEO Adam Ludwin spoke in broad strokes about the larger efficiencies major financial services providers could potential unlock as the technology matures.

Ludwin said:

“Applied intelligently, blockchain networks fundamentally improve how assets move between parties, and we are thrilled to be partnering with the organizations we believe are best positioned to capitalize on the inevitable changes in market structure that are on the horizon.”

Those backing Chain also pledged to put together a “Blockchain Working Group” to promote continued and regular discussion about blockchain applications. The group is expected to meet twice a year.

As part of the deal, RRE Ventures founder Jim Robinson will join the startup’s board of directors. Ludwin also notably serves as an RRE principal.

Business meeting image via Shutterstock

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