Chain Discontinuing Free API Service with Transition to Blockchain Tech

Chain will be discontinuing its free Bitcoin API service as part of its shift to blockchain technology for capital markets.

The startup recently secured $30 million in venture investment, which stands as the biggest round in the industry during the past 7 months.

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Around the time of its previous round of $9.5 million one year ago, Chain was more engaged with the Bitcoin blockchain’s underlying infrastructure, offering services to interact with the blockchain in real-time using its nodes and API.

But over the past year, it has transitioned into what has become the hottest trend in the crypto industry in 2015: blockchain technology for securities and fiat payments. It is powering Nasdaq’s project to utilize blockchain technology to automate the transfer of pre-IPO shares on its Private Market.

Bitcoin’s blockchain and other improvised distributed ledger systems are envisioned to cut costs, eliminate counterparty risk and greatly reduce settlement times for securities trades.

The indication is that the company’s work with Bitcoin thus far can be leveraged for its new ambitions. CEO Adam Ludwin said, “As we move into 2016, we will be folding our bitcoin capabilities into this enterprise platform. We will no longer support free projects on the bitcoin network.”

The service will end on December 31. The startup is offering assistance from its CTO for those who want to migrate their Bitcoin apps to other free or low-cost API services.