Chain gets another $9.5 million in funding, working on 0-confirmation transactions

Coindesk reports that Chain has raised an additional $9.5 million in funding, bring total investment to $13.7 million. Chain helps

Coindesk reports that Chain has raised an additional $9.5 million in funding, bring total investment to $13.7 million.

Chain helps developers build apps by providing streamlined access to the blockchain via its Chain Nodes and API. One of its focuses is on linking blockchain data in real-time. By compiling and indexing blockchain data, other developers can “build bitcoin apps, not block chain infrastructure.”

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It is currently researching a way to achieve transaction certainty with “0 confirmations”. This would negate the requirement to wait an average of 10 minutes per block, which occasionally comes out to an hour. It also eliminates the ability, as unlikely as it is, to double spend based on confirmation latency.

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Last month, Chain debuted a fingerprint-secured wallet for iOS 8, currently in beta.

The funding round was led by Khosla Ventures and included Kevin Ryan, Barry Silbert, Scott Banister, Homebrew, 500 Startups and Pantera Capital.

Chain’s founder, Adam Ludwin, said that the funding will be used to expand the team and build out its product offerings. The company is currently hiring for product and software engineering positions.

 

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