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Alta raises $47.5 million Series A for bank blockchain infrastructure
The Block reported Alta raised a $47.5 million Series A led by Index Ventures, with a $32.5 million seed taking total funding to $80 million; the company said GV, Blackbird, Square Peg and Capital 49 joined.
Alta, a startup building blockchain infrastructure for banks and payment companies, raised $47.5 million in a Series A round led by Index Ventures, bringing total funding to $80 million including $32.5 million in seed financing, The Block reported Tuesday1,2.
GV, Blackbird Ventures, Square Peg and Capital 49 also participated in the Series A, the company said in a GlobeNewswire release and The Block repeated1,2.
Alta did not disclose a valuation1.
The company said it is developing a blockchain with built-in privacy and compliance controls for regulated financial institutions1,2.
"Existing blockchains aren't designed for the privacy and compliance requirements of global financial institutions," co-founder and CEO Loong Wang said1,2.
Payments company Airwallex has signed on as an early partner, The Block reported, with plans to connect Alta's chain to Airwallex's network for stablecoin transfers and local fiat rails1.
Alta said its first product is meant to help businesses cut cash held in prefunded accounts through just-in-time funding and move idle cash into yield-bearing tokenized assets1,2.
The company said the new capital will go toward blockchain development, more financial partnerships, and hiring engineers and compliance specialists1,2.
Sources
How it’s being reported
2 sourcesAlta raises $47.5 million Series A to build a blockchain for financial institutions
Round size, seed total, Index lead, Airwallex partnership and undisclosed valuation
Kyle Baird reported Alta's $47.5 million Series A led by Index Ventures, $32.5 million seed, $80 million total, other investors, Airwallex as an early partner, and no disclosed valuation.
Leaves out Investor quotes from Index and GV that appear in the company release
Backed by $80 Million, Alta is Building the Infrastructure to Bring Global Banking Onchain
Company framing of institutional-grade infrastructure and use of proceeds
Company release: $80 million total funding including a $47.5 million Series A and $32.5 million seed; Index led, with GV, Blackbird Ventures, Square Peg and Capital 49.
Leaves out Explicit statement that valuation was not disclosed