XTX Invests in London-Based Blockchain R&D Company

The funding round is led by Route 66 Ventures and TNF Capital

The venture capital arm of XTX Markets, XTX Ventures has joined a founding round for Clearmatics Technologies. The London-based blockchain R&D company has secured a $12 million funding round led by private investment firm Route 66.

The Series A funding round secured by Clearmatics opens the doors for the company to develop designing and servicing protocols for Decentralised Clearing Networks. Aside from Route 66 and XTX Ventures, the financing round was also joined by tech-focused private equity firm TFN Capital.

Clearmatics has previously worked on the Ethereum project. The company is a member of the Enterprise Ethereum Alliance. With over 30 people between its headquarters in London and Silicon Valley, the new funding round is intended to help build the next generation of financial market infrastructure.

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As part of the agreement, the Managing Partner at TNF Capital, Samir Khosla, will join the Clearmatics Board of Directors.

After joining the funding round, Zar Amrolia, Co-CEO of XTX Markets said that his company believes that distributed ledger technology will improve financial market infrastructure.

Funds Use

Clearmatics intends to use the financing round to recruit additional talent to its team. The firm is focusing on accelerating its development work in permissioned, peer-to-peer networks.

This includes more work on blockchain interoperability and transaction privacy. Clearmatics also intends to launch a Protocol Provider service in 2019.

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The milestone is related to adding support for the go-to-market of the Utility Settlement Coin Project. The initiative is supported by a consortium of 17 banks and financial institutions that aim to create a new digital cash instrument collateralized by fiat money.

Commenting on the deal, Benjamin Britt, who is General Partner at Route 66 Ventures said:

“Most companies in this space are a lot of hype with very little innovative technology. Clearmatics is anything but hype.”

The company has a reputation of standing out in the financial technology and blockchain community. The firm earned respect among its peers for building novel distributed systems.

Clearmatics is at the forefront of the industry in designing and servicing protocols for Decentralised Clearing Networks. The members of the networks own the DSNs and govern them. The protocol enables the execution of peer-to-peer transfers, contractual and fiduciary obligations via blockchain.

The team of Clearmatics is led by Robert Sams. The new Board member of the firm, Khosla shares an opinion that views the CEO as “a visionary innovator, who is bringing transformative change to financial market infrastructure.”

“We envision Clearmatics triggering an exciting shift for wider market participants through its achievement of cross-chain interoperability,” Khosla elaborated.

Clearmatics’ Product Manager Sara Feenan is participating in a panel on the future of DLT technologies in finance at the Seminar Room of the Finance Magnates London Summit.

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