Bitcoin Start-Up Chain Closes $9.5 Million Investment Led by Khosla Ventures
- Chain raises $9.5 million in funding led by Khosla Ventures
- Total investments for the company are up to $13.7 million
Yet another big investment deal has gone down in the cryptocurrency community.
It was announced on Wednesday that bitcoin start-up Chain has closed a $9.5 million investment led by Khosla Ventures, and included Pantera Capital, Barry Silbert, RRE Ventures, SV Angel, and Thrive Capital.
This effectively brings the total amount raised by the company to $13.7 million.
As part of the investment, Chain has added Keith Rabois as a board member, a former PayPal executive. Rabois, who is part of Khosla, had previously worked for both Square and LinkedIn.
The company, which specializes in digital curency-related API services, will reportedly use the investment in order to expand their team. The funds will also be used to expand the products and services they offer.
As of current, eight individuals work at the company, and according to Chain founder Adam Ludwin, that number could go up to 15 by the end of the year.
The multi-million dollar funding is now one of many that have taken place in the digital currency realm, signaling that investors are seeing value in developments taking place in this sector.
Rewind to two years ago (perhaps even a year ago) when investors wouldn’t even consider discussing bitcoin and digital currency-related projects.
According to CoinDesk, Ludwin said that his company is exploring getting involved with additional digital currencies, of which include ethereum, ripple, and Jed McCaleb’s newly-announced stellar.