A Bitcoin startup from San Francisco has received $30 million in funding from some of the leading Wall Street companies, including Visa and Nasdaq.
Dubbed as Chain Inc, the Bitcoin startup helps developers create Bitcoin application by providing rapid access to the blockchain. Its major clientele are financial institutions that — in one or another — wish to utilize Bitcoin’s underlying technology to trade and transfer financial assets. According to the Wall Street Journal, Capital One Financial Corp., Citi Ventures, Orange SA and Fiserv Inc. have also invested an undisclosed amount into the company.
The investment is the latest sign of Wall Street’s obsession with Bitcoin, a technology they once rejected as a farce. Nonetheless, these companies are more inclined towards the ledger that keeps Bitcoin tokens running throughout a decentralized network without any government or bank’s intervention.
It is an efficient, speedy and relatively cheaper mechanism to record and store transactions. However, the Wall Street companies are experimenting its potential in settling non-financial assets as well, such as smart contracts, public record keeping, etc.
Chain, meanwhile, is not the only companies that are working towards integrating the Bitcoin technology into mainstream finance sectors. Earlier, ex-JP Morgan exec Blythe Masters had also agreed to head a Bitcoin startup, for she believed in the potential of blockchain. Chain, however, seemed to have pushed itself a little head with the involvement of companies like Visa and Nasdaq.
“We believe in the power of block chain technology to transform how financial assets are transferred, but it has to be done with the right partners to insure it gets off the ground,” Adam Ludwin, CEO of Chain, told WSJ in an interview.