TheBlock
Alta raised $47.5 million in a Series A led by Index Ventures, bringing total funding to $80 million after $32.5 million in seed capital. GV, Blackbird Ventures, Square Peg and Capital 49 participated, while payments company Airwallex signed on as an early partner.
Why it matters
Alta is developing blockchain infrastructure for banks and payment companies with privacy and compliance controls built into the network. Co-founder and CEO Loong Wang said, "Existing blockchains aren't designed for the privacy and compliance requirements of global financial institutions." The Airwallex partnership is intended to connect Alta's blockchain with a payment network capable of stablecoin transfers and access to local fiat payment networks.
Market impact
Alta's first product will use just-in-time funding to reduce the cash businesses hold in prefunded accounts while allowing idle balances to move into yield-bearing tokenized assets. The round will fund blockchain development, additional financial partnerships and hiring for engineering and compliance roles. Alta did not disclose a valuation.
Frequently asked questions
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How much did Alta raise in its Series A?
Alta raised $47.5 million in a Series A led by Index Ventures. GV, Blackbird Ventures, Square Peg and Capital 49 also participated, bringing total funding to $80 million.
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How will Alta work with Airwallex?
The companies plan to connect Alta's blockchain with Airwallex's payment network, which can handle stablecoin transfers and provide access to local fiat payment networks.
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What differentiates Alta's blockchain from existing networks?
Alta is building privacy and compliance controls directly into the network for global financial institutions. Co-founder and CEO Loong Wang said existing blockchains are not designed for those requirements.
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What will Alta's first product do?
It will use just-in-time funding to reduce cash held in prefunded accounts and allow businesses to move idle cash into yield-bearing tokenized assets.
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How will Alta use the new funding?
The capital will support blockchain development, additional financial partnerships and hiring engineers and compliance experts. Alta did not disclose a valuation.
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