Alta announced a $47.5 million Series A round on November 10 to build a blockchain for banks and payment companies, The Block reported. The round was led by Index Ventures. The Block’s page also references $80 million in its web address, which reflects total funding: the Series A plus $32.5 million raised earlier in a seed round.
Other participants include GV, Blackbird Ventures, Square Peg and Capital 49. The valuation was not disclosed.
Alta is building a blockchain with privacy and compliance controls built in, which the company says existing networks lack. Co-founder and CEO Loong Wang said, “Existing blockchains aren’t designed for the privacy and compliance requirements of global financial institutions.”
According to The Block, payments firm Airwallex plans to connect Alta’s blockchain to its payment network, which handles stablecoin transfers and access to local fiat payment networks. Alta’s first product is meant to help businesses reduce the cash they hold in prefunded accounts through just-in-time funding, and to move idle cash into yield-bearing tokenized assets.
The company said it will use the funds for blockchain development, additional financial partnerships, and hiring engineers and compliance experts. The details are as described by the company and reported by The Block; no independent verification of Alta’s claims about existing networks was provided.
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