Algorand, a Boston, MA-based blockchain payments platform, secured $4m in seed funding.
Backers included Pillar and Union Square Ventures.
The company intends to use the funds to continue to grow its team and technology.
Algorand is a scalable, secure and decentralized digital currency and transactions platform based on an open source protocol co-authored by Silvio Micali, a MIT professor, which has the potential to solve blockchain scaling challenges through rapid and efficient user consensus, enabling even the smallest transactions, regardless of transaction volume or number of users.
The company, which has a team including 10 full-time members, anticipates launching its open source protocol within the year.