Blockchain Web Service BlockCypher Raises $3 Million in Seed Funding

It’s been a rough day, so we thought some good news is finally in order. BlockCypher, a startup that looks

It’s been a rough day, so we thought some good news is finally in order.

BlockCypher, a startup that looks to make blockchain technology easy to integrate into any application, has raised $3 million in seed funding.

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The round was led by three generations of the Draper family. Other investors include Foundation Capital, New Enterprise Associates, Jerry Yang (through AME Cloud Ventures), Upside Partnership, Streamlined Ventures and Fenox Venture.

The solution is touted for its usefulness even in the event of Bitcoin’s demise, which after today’s events, some people will tell you is no longer such a far-fetched proposition. It is currency agnostic, catering for any type of blockchain-based functionality.

Co-Founder Catheryne Nicholson described how today, building blockchain-based software often has to be painfully done from scratch:

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“We installed one of the first wallets… and we kept thinking someone is going to do something. The usability was just horrible and then came the realization that we should do something about it. That’s how we got into the infrastructure side.”

Thus, her company builds “web services for blockchain,” providing software infrastructure to enable developers to more easily build blockchain applications.

Nicholson explained that companies were using her solution to build applications like registries for healthcare records or legal records on the blockchain.

With the ability to more easily build applications, the Bitcoin 2.0 economy can evolve at a quicker pace and we can see what it is capable of sooner rather than later.

The achievement is also encouraging for women who are looking to play a greater role in what can be viewed as a male-dominated industry.

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.

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