Blockchain banking services and payment startup Sila Inc. announced today that it has raised US $ 7.7 million in seed funding, which will be used to introduce new product features and make it easier for software developers to access the global financial system.
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The seed round was led by Madrona Venture Group and Madrona Venture Group, including Mucker Capital, 99 Tartans, Taavet Kinrikus and Jerry Neumann. As part of the investment transaction, Madrona Venture Group managing director Hope Cochran and Oregon Venture Fund ’s main investor Rick Holt will join the Sila board.
Sila was established in 2018 and is developing an application programming interface (API) platform that follows the ERC-20 token protocol and is built on the Ethereum blockchain. The purpose of this API itself is to allow entrepreneurs to access banking service tools, including support for "stable currencies" linked to the US dollar.
Sila was officially launched as an Infrastructure as a Service (IaaS) platform in April 2019. It aims to help companies use financial networks while complying with banking regulations. Product support includes "Know Your Customer (KYC)" verification, bank account link and digital wallet.
Like all blockchain startups, Sila has its own token, SILA. This is a 100: 1 pegged token to the US dollar and has fully guaranteed funds held by a member bank of the Federal Deposit Insurance Corporation.
Sila's current clients include startups that have established businesses in industries such as finance, insurance, real estate, and blockchain.
Sila co-founder and CEO Shamir Karkal said in a statement:
"The global financial system has collapsed … It cannot provide services to consumers, small businesses or innovators. It is too expensive, inefficient, strictly regulated and difficult to integrate into FinTech applications. In When we need these services more than ever, the current system stifles fintech innovation. Our mission is to integrate all payment systems into a programmable layer to stimulate the next stage of financial innovation. "