Blockchain payment company Sila completes $ 7.7 million seed round of financing to welcome the next generation of global financial system innovation

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.

Blockchain payment company Sila completes $ 7.7 million seed round of financing to welcome the next generation of global financial system innovation

Image source: Unsplash

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. "

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

What impact does BlackRock's submission of a physical Bitcoin ETF application have on the industry?

According to a public document, on the afternoon of June 15th, New York time, investment management giant BlackRock s...

Opinion

Web3 Public Legal Education | Why is it best for blockchain startups to not issue tokens?

If traditional internet entrepreneurship is considered a high-risk endeavor, then starting a business in blockchain i...

Market

Which exchanges and currencies are in the process of brushing? New report decrypts the real trading situation of the encryption market

BTI's algorithm connects to the exchange through its public API and websocket. The transaction is analyzed and t...

Blockchain

Weekly data on the BTC chain: data on the chain began to fall, and the exchange traded frequently

In the past week (10.28-11.03), from the main chain data, the total amount of transactions has increased compared wit...

Blockchain

Featured | Messari Founder: Recent Frustrations and Hopes in the Industry; Innovations in the Bitcoin Technology Stack

Today's content includes: 1. Founder of Messari: the recent frustration and hope of the industry; 2.Innovation i...

Bitcoin

Restoring the entire process of asset transfer: $6.02 million stolen from the DragonEX exchange

In the early morning of March 24th, Beijing time, the DragonEX exchange issued a notice stating that its platform dig...