Bluzelle Raises $1.5 Million Series Abr>
Singapore-based blockchain startup Bluzelle has raised US$1.5 million in a Series A funding round. The funding came from three investors: Global Brain, LUN Partners Capital, and True Global.
Bluzelle offers a complete and fully integrated stack of blockchain applications, middleware and data services. With this technology, the company has planned out applications and tools to support financial institutions, payment networks, and insurance providers.
The company will use the funding to scale up its enterprise business, develop its decentralized database platform, and build its initial developer community. Bluzelle intends to raise even more capital with its own initial coin offering (ICO). In October, Bluzelle intends to begin selling Bluzelle Tokens. These tokens will serve as the basis for the incentive system underlying the community of hardware operators that actually put up their data capacity for rent.
“By 2020, there will be over 20 billion devices sending data to each other – and that data will have to be stored securely, with high performance and low cost,” said Bluzelle CEO and co-founder Pavel Bains. “In the blockchain-powered New Internet, everything from applications to back-end platforms to data storage will be decentralized.”