AXA Strategic Ventures — a global venture capital fund — has announced that it will co-lead a US$55 million Series A funding round for Blockstream.
This funding round, adding to its US$21 million seed round from 2014, will help Blockstream further expand its sidechain technology platform and operations.
Blockstream is pioneering advancements in cryptocurrencies and blockchains to support a broad range of applications and industries. It has created sidechains, a novel blockchain protocol and platform that enable development of an ecosystem of public and private blockchain networks capable of interoperating with each other, as well as with the Bitcoin network.
Since the later part of 2015, technologists have been highlighting Blockchain's potential to transform existing industry standards across sectors including insurance and asset-management. Distributed ledger technology has been said to have the capacity to simplify and bring transparency to the transactional model of insurance while lowering operational costs. Potential applications for insurance and asset-management are increasing in scope and include: smart contracts (new digital asset, secure record), micro transactions (payments/assets, mobility, new markets) and settlements (banks).
"We are convinced that blockchain technology has the ability to transform not only financial services but also other industries," said François Robinet, Managing Partner, AXA Strategic Ventures. "Blockstream's open source approach and sidechains will enable critical long-term success of this technology. We are excited about the close partnership that we will have with them in driving deeper engagement, thought leadership and technological transformation in the world of insurance and asset management as we believe that in this industry, blockchain technology will be a conduit for systematic changes".
Blockstream's Series A funding round was led by Horizons Ventures, with significant participation from AXA Strategic Ventures and Digital Garage, as well as participation from existing investors including AME Cloud Ventures, Blockchain Capital, Future\Perfect Ventures, Khosla Ventures, Mosaic Ventures, and Seven Seas Venture Partners. As part of this round, AXA Strategic Ventures joins Blockstream's Advisory Board.
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