GEO Protocol, a Kyiv, Ukraine-based financial technology startup, raised an undisclosed seed funding round.
CoinFund made the investment.
The company will use the funds to complete the development of the initial components of the technology and bring to life potential use cases that will accelerate the growth of the network.
Founded by Max Demyan and Dima Chizhevsky, GEO is an open source overlay protocol that enables the creation and interoperability of value transfer networks in a lightweight and scalable way, merging the worlds of blockchain and traditional finance.
The protocol empowers the creation of a universal ecosystem for value transfer, including global payments, B2C commerce, and IoT micropayments.
Founded in 2015 based in Brooklyn, New York and backed by the partners at Venrock, CoinFund is a cryptoasset-focused investment and research firm which provides early stage investing, also directly engages with decentralized networks through their Grassfed Network initiative and contributes support to companies designing blockchain protocols and applications.