Chain, Inc., a San Francico, CA-based provider of blockchain technology solutions to financial institutions, raised $30m in equity funding.
Backers included existing investors Khosla Ventures, RRE Ventures, Thrive Capital and SV Angel as well as former Bank of America CEO David Coulter, X PRIZE Foundation CEO Peter Diamandis and MongoDB co-founder Kevin Ryan.
The newest partners will also join the company in forming a Blockchain Working Group to explore the application of the technology in various markets and take a collaborative approach to interoperability. Former American Express CEO and RRE Ventures founder, Jim Robinson III, has joined the company’s board of directors.
Led by Adam Ludwin, CEO, Chain partners with institutions to design, deploy and operate blockchain networks that are built specifically for particular markets and assets. These private networks, which typically do not use bitcoin currency but are based on the same open protocols, can be interoperable with one another and other open digital currency networks.
The company, which launched just over a year ago, already works closely with several large institutions, including First Data and Nasdaq.