Israeli Startup Atomic Raises $2.5M in Hexa-Led Financing Round
- The company has already launched the first implementation of its P2P technology.
Atomic, a decentralized collateral management platform, announced on Monday that it secured $2.5 million in a seed funding round led by Israel-based Hexa Group.
The funding came as the Tel Aviv-based startup is developing a multi-chain decentralized collateral management solution, that works as a base-layer for other digital finance solutions such as P2P trading, crypto-based 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, and crypto-based loans.
Commenting on the firm’s ambitions, Amit Green, co-founder and CEO of Atomic, said: “The concept of placing collateral for backing a deal creates immediate trust, and has been around for thousands...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 technology has allowed us to take this concept even one step further, by removing the custodian middle-man from the equation.”
Bringing peer-to-peer technology in crypto lending
The 10-member team of the company has already launched the first implementation of its P2P Collateral Guarantees technology. Dubbed Project Atlantis, this will allow the users to buy and sell digital currencies on different blockchains.
The announcement also explained that though the platform requires users to lock some of their wallet’s funds as collateral for backing their transactions and obligations, these locked funds need not leave their crypto-wallet or be placed with a middle-man. This will eliminate the concerns of the security of a third-party platform.
“In today’s world, when you want to take a loan, you need to go to a bank, get approvals, and put up your house or something else of value as collateral,” Green added.
“When many physical assets will get their own digital representation such as real-estate tokens, equity/security tokens and more, this long and cumbersome process will move to the digital world and will take seconds. You’ll be able to take a loan to buy a new car, locking up a small percentage of your portfolio as collateral, in mere seconds and without any need for a bank.”
The company is also working to enable micro-payments with instant confirmation to onboard the wide spectrum of merchants.
Atomic, a decentralized collateral management platform, announced on Monday that it secured $2.5 million in a seed funding round led by Israel-based Hexa Group.
The funding came as the Tel Aviv-based startup is developing a multi-chain decentralized collateral management solution, that works as a base-layer for other digital finance solutions such as P2P trading, crypto-based 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, and crypto-based loans.
Commenting on the firm’s ambitions, Amit Green, co-founder and CEO of Atomic, said: “The concept of placing collateral for backing a deal creates immediate trust, and has been around for thousands...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 technology has allowed us to take this concept even one step further, by removing the custodian middle-man from the equation.”
Bringing peer-to-peer technology in crypto lending
The 10-member team of the company has already launched the first implementation of its P2P Collateral Guarantees technology. Dubbed Project Atlantis, this will allow the users to buy and sell digital currencies on different blockchains.
The announcement also explained that though the platform requires users to lock some of their wallet’s funds as collateral for backing their transactions and obligations, these locked funds need not leave their crypto-wallet or be placed with a middle-man. This will eliminate the concerns of the security of a third-party platform.
“In today’s world, when you want to take a loan, you need to go to a bank, get approvals, and put up your house or something else of value as collateral,” Green added.
“When many physical assets will get their own digital representation such as real-estate tokens, equity/security tokens and more, this long and cumbersome process will move to the digital world and will take seconds. You’ll be able to take a loan to buy a new car, locking up a small percentage of your portfolio as collateral, in mere seconds and without any need for a bank.”
The company is also working to enable micro-payments with instant confirmation to onboard the wide spectrum of merchants.