There’s more signs of traditional financial institutions placing bets on blockchain as Swedish banking giant SEB invests in the space.
Danish blockchain firm Coinify has raised $4m in funding for its blockchain payments platform from Nordic backers including return investor Seed Capital and Swedish bank SEB’s venture capital arm.
The Copenhagen-based business aims to bridge the gap between traditional and established financial industries and blockchain technology, says co-founder and CEO Mark Højgaard. In a statement, he says the participation of SEB, with its roots in the 19th century is a promising sign for the blockchain community.
The firm will use its Series A round to build on its position in Europe and expand into Asia.
Coinify’s pitch is that through blockchain, its payment technologies can bring down the costs and risk of payments as well as speeding up the process for consumers and businesses. The firm enables businesses and individuals to access to blockchain currencies including bitcoin and ripple through fiat money exchange.
“We believe that digital currencies and the blockchain technology have the potential to spawn decades of disruptive innovation in financial services,” says Lars Andersen, General Partner in SEED Capital Denmark.
News of the funding comes as the momentum continues to build behind blockchain and distributed ledgers, both inside and outside the world of finance.
In the UK this week, Credits was picked by the UK government to supply its blockchain-as-a-service to the public sector.
That’s expected to include organisations across central and local government as well as devolved administrations, health, education, emergency services, defence and not-for-profits.
Metromile has just landed nearly $200m in Series D funding for its auto insurance payments platform.
London fintech startup Curve has picked up another $3m in funding to replace all the different payment cards in your wallet with just one.
Signifyd, the company that provides fraud protection for e-commerce businesses, has raised $19m in a funding round with investors including American Express Ventures, Menlo Ventures and Triple Point Capital.
Fintech will be a key focus for Spotify and iZettle-backer Northzone as it announces a brand new €300m venture capital fund to invest in early-stage European startups.