ChromaWay secures $15M for Chromapolis, its relational blockchain platform.
ChromaWay, a Stochholm, Sweden-based company managing a cryptocurrency/blockchain based platform, announced securing $15M in capital.
The money was raised as a result of an Initial Coin Offering from a range of undisclosed angel and venture capital investors and will be used to further develop Chromapolis, a relational blockchain platform that will be designed to deploy decentralized apps in an easy and hassle-free manner.
ChromaWay, founded in 2014 by Alex Mizrahi, Or Perelman, Iddo Bentov and Henrik Hjelte, developed projects and services such as Postchain, a private blockchain that combines the power of a SQL database with the security of a private blockchain.
The company has been a pioneer within using blockchain technology, being part of the first project to have a bank issue a currency on the Bitcoin Blockchain with LHV Bank in 2014. ChromaWay is also the first company to have the first Western government exploring blockchain for Land Registry with the Swedish Lantmäteriet.
Chromapolis, the company's new project, will aim to serve as ChromaWay’s answer to the scalability problems that currently exist with Ethereum.T he blockchain platform has been built atop Postchain, a relational blockchain ecosystem.