US-based startup BlockCypher Raises a seed Round of More than $3.1 million

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US-based startup BlockCypher Raises a seed Round of More than $3.1 million

BlockCypher, a US-based startup has announced that it raised a seed round of more than $3.1 million. The company says that the collected amount will be used bolstering its efforts to support the Bitcoin ecosystem in Asia, a continent that has huge potential as the local economies are growing at exponential pace.

The company informs that the funding round included investment from a variety of firms such as Foundation Capital, New Enterprise Associates, AME Cloud Ventures, Upside Partnership, Streamlined Ventures, Fenox Venture Capital, Granite Ventures, Boost VC, and 500 Startups. It also said that there were several individual investors, including acclaimed rap artist Nas.

Nonetheless, Rick Yang, Partner, NEA showed his happiness about the funding round and said that BlockCypher has built the only cloud-optimized block chain technology layer, allowing developers and large enterprises to easily build and adopt block chain technology. His partnership will enable and power the next wave of block chain applications.

Similar views were shared by Charles Moldow, General Partner, Foundation Capital who admitted that his company thinks one of the most promising areas in Bitcoin is in the block chain technology layer. According to him, it’s where the greatest innovation is happening and it’s at the core of BlockCypher’s expertise.

Jesse Draper, CEO, Valley Girl Ventures, said that investing in women entrepreneurs is the best way to increase the number of women in technology. According to Draper, when girls have women founders as role models, they become founders themselves and what BlockCypher is doing with block chain technology will change the world: women must be involved.

The Funds will be Used to Expand to Asian Market

Similar views were shared by investor Shawn Byers, MITS Fund who said that BlockCypher’s co-founders, Matthieu Riou and Nicholson. The duo is seasoned software veterans who have a long history of building large-scale software platforms together. He said that MITS Fund is supporting BlockCypher because of the leadership and the team.

The funds raised will help BlockCypher a company that allows developers to build, monitor, and secure block chain applications through its cloud platform and web APIs expand further. Currently it offers the services that make it easier for devs across the globe to build Bitcoin applications.

The startup is already processing half a million events per day through its platform. It believes that the cash infusion from this seed round will be used to help the company expand in Asia.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com