Orange, Visa & Nasdaq invest $30m into Chain, a bitcoin technology startup
Through its Orange Digital Ventures, Orange alongside NASDAQ, Visa, Citi, Capital One and Fiserv have said they’ll invest 30 million dollars in Chain and form a blockchain Working Group to help explore the application of the technology in their markets and building new solutions together.
Adam Ludwin Chain CEO said: “We are thrilled to partner with Orange to explore the uses of blockchain networks in the telecom market. We believe these new networks will simplify data transfer between carriers and enable new services that will improve end user experiences.”
The blockchain allows transferring digital assets that substitutes third-party intermediaries with cryptographically decentralized secured networks as well as helps asset holders in a market to transact instantly and securely.
This technology can facilitate the issuance and transfer of asset types as varied as financial securities, gift cards, mobile minutes, loyalty points and energy credits. Transactions are recorded automatically on the network’s shared ledger, providing increased transparency to asset issuers, owners and regulators. In addition, the use of cryptographic signatures reduces risk and prevents fraud, making blockchain-based transfer a credible alternative to centralized systems available today.
The partners will also help to design, deploy and operate purpose-built blockchain networks for particular markets and assets.
Pierre Louette, Orange’s Deputy CEO who is also responsible for Orange Digital Ventures said: “We believe in the disruptive potential of the blockchain and becoming a key partner and investor in Chain will help us to learn faster and launch trials around this technology. We are seeking to carve out multiple use cases in our range of businesses to improve our services and propose new ones to our customers”
Chain Inc. partners with leading financial institutions to build and deploy blockchain networks that enable seamless, programmatic and peer-to-peer transfer of digital assets. The platform, which is based on the open and interoperable bitcoin protocol, enables institutions to create, issue, store and transfer digital assets on private networks purpose-built for a given market. The company, which is one-half strategic partner and one-half technology platform, offers a range of solutions, from a development sandbox for rapid prototyping to secure network nodes for production systems.
Source: Techmoran 10 September 2015