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Payments players join funding round for blockchain tech provider

Blockchain company Chain has raised $30 million from major financial services players including Fiserv, Visa and Capital One.

September 11, 2015

Blockchain technology company Chain has raised $30 million in funding from several major players in the finance industry, including Visa, Nasdaq, Citi Ventures, Capital One, Fiserv and Orange.

These partners will help the company form a blockchain working group to explore the use of block chain technology in various markets, according to a press release.

"A blockchain is more than a financial technology — it's a strategy," said Chain CEO Adam Ludwin. "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."

The working group will hold biannual meetings with leading blockchain technologists, academics and researchers. One of its major goals will be to find points of interoperability between financial networks, the release said.

"Blockchain technology represents a fundamental generational shift for financial services, and Chain's platform is enabling and accelerating this transformation," said Ramneek Gupta, managing director and co-head of global venture investing at Citi Ventures. "We hope to leverage Chain's platform to rapidly test and develop applications as part of Citi's multifaceted blockchain strategy, which has the potential to greatly enhance our customers' experience well beyond just currencies and payments."