Blockchain Payments Startup Align Commerce Raises $12.5 Million
- Align Commerce, a startup looking to leverage Bitcoin's blockchain for cross-border payments, has raised $12.5 million in Series A funding.
Align Commerce, a startup looking to leverage Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term for cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, has raised $12.5 million in Series A funding.
The round was led by Kleiner Perkins Caufield & Byers (KPCB), and joined by Digital Currency Group, FS Venture Capital, Pantera Capital, Recruit Ventures Partners and SVB Ventures.
Align Commerce's solution aims to bring down the cost and time involved in international payments, one of the hottest FinTech endeavors these days. One of Align Commerce's promoted use cases is to allow small and medium businesses to receive payments in their local currency from customers abroad.
Founder and CEO Marwan Forzley, who used to be a general manager at Western Union, previously told Finance Magnates in an interview, "Payments on a domestic level are relatively efficient. The friction occurs when you use different currencies and FX costs get involved."
Bitcoin's blockchain and other distributed ledger systems are considered among the most promising tools to revolutionize international payments.
According to a press release, Align Commerce's payment platform is "multi-rail" in combining the blockchain with traditional bank wire methods.
KPCB general partner Randy Komisar will join Align Commerce’s Board of Directors.
The funding is the largest in the industry since Chain's $30 million round announced in September. Venture investment in crypto-related startups has recently been in decline, with only $11.7 million invested in October and $14.4 million thus far in November. Investment has been noticeably shifting from bitcoin-as-a-currency to blockchain-related ventures.
Align Commerce, a startup looking to leverage Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term for cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, has raised $12.5 million in Series A funding.
The round was led by Kleiner Perkins Caufield & Byers (KPCB), and joined by Digital Currency Group, FS Venture Capital, Pantera Capital, Recruit Ventures Partners and SVB Ventures.
Align Commerce's solution aims to bring down the cost and time involved in international payments, one of the hottest FinTech endeavors these days. One of Align Commerce's promoted use cases is to allow small and medium businesses to receive payments in their local currency from customers abroad.
Founder and CEO Marwan Forzley, who used to be a general manager at Western Union, previously told Finance Magnates in an interview, "Payments on a domestic level are relatively efficient. The friction occurs when you use different currencies and FX costs get involved."
Bitcoin's blockchain and other distributed ledger systems are considered among the most promising tools to revolutionize international payments.
According to a press release, Align Commerce's payment platform is "multi-rail" in combining the blockchain with traditional bank wire methods.
KPCB general partner Randy Komisar will join Align Commerce’s Board of Directors.
The funding is the largest in the industry since Chain's $30 million round announced in September. Venture investment in crypto-related startups has recently been in decline, with only $11.7 million invested in October and $14.4 million thus far in November. Investment has been noticeably shifting from bitcoin-as-a-currency to blockchain-related ventures.