BlockSettle secures $1.5M in capital investment.
BlockSettle, a Malmö, Sweden-based startup working on block-chain ledger technologies, announced securing SEK 13.6M ($1.5M) in capital investment. The money was provided by a range of angel investors and will be used to support the launch of the company's blockchain platform, expected by the end of 2018.
BlockSettle was founded in 2016 by CEO Scott Milar, Albert Janson and Farhod Fathpour, as they quit their involvement with Cryex. Since then they have been working on a new key management system which allows for transactions to be validated and transferred without using a traditional bank as a verifier. As such, the network of participants is matched and settled bilaterally, in real-time, without incurring the risks associated with third party custodianship.
Prior to this capital raise, Blocksettle secured SEK 3M in 2017 and SEK 1.4M upon funding.