Stratumn has announced the raising of 7 million euros ($7.9 million), funded by Digital Currency Group, Otium Venture, Open CNP, the Corporate Venture arm of CNP Assurances, and Nasdaq. Stratumn offers companies application development using blockchain technology.
Who is Stratumn?
Stratumn was founded in Paris and has only been around for two years, with one year passing since their seed financing. With this round of funding, they have secured the largest funding around ever in the European data security and blockchain sector.
Stratumn’s focus is on streamlining compliance and regulatory procedures, implementing better data protection and customer privacy, and reducing operational costs of doing so. Those who adopt Stratumn’s technology benefit from better record integrity, traceability, and accountability. Regulators offer an audit process that is done in real time.
Large companies like Bouygues Immoblier, Bureau Veritas, Thales, Allianz France, CNP Assurances and others have taken advantage of Stratumn’s offerings. The blockchain technology company is France’s leading company in the sector when you look at staff and development of projects.
What is the funding for?
Stratumn plans to use funding to accelerate development and expansion in the United States. They plan to focus mainly on business development, product design, and research. The 15-person team will also be working to attract talented individuals, with plans to double the team size by the end of 2018.
The planned expansion into the U.S. will allow the company better access to decision centers and key stakeholders in their notable market segments.
Richard Caetano, co-found and chief executive of Stratumn, said, “Our new investors will enable Stratumn to continue and accelerate its development and more effectively address growing needs in our markets.”
How is blockchain investment looking?
Investments in blockchain have been going out, courtesy of market infrastructure providers and banks who are hoping to cut costs associated with processes like international payments and securities settlement.
Blockchain started as the system underpinning bitcoin, and has morphed into a shared data about transactions, which is kept on a network of computers on the Internet, not at a centralize authority.
Many believe blockchain technology offers a more transparent way to record substantial amounts of data. However, others are concerned that it may not translate well on a large scale.
What is the result of this partnership?
Nasdaq is known as one of the earliest adopters of blockchain technology among large financial institutions.
While Nasdaq has not commented on how much they have invested in Stratumn, details of the partnership are available. The two companies will be conducting joint research together, as well as joining in development applications in capital markets.
However, Jean-Jacques Louise, Nasdaq head of corporate strategy is on record as saying, ” An investment in Stratumn was a natural development for us given the experimentation projects we have successfully executed with Richard and his team over the past year.
We look forward to furthering our relationship between Stratumn and our technology team by collaborating on developing and applying unique financial technology that will bolster and strengthen the current and next generation products for our customers and ourselves. This approach fits with the mission of Nasdaq and, in particularly, our newly formed Nasdaq Ventures.”