Some of the biggest financial companies invest million in Chain

Some of the biggest financial companies invest $30 million in Chain

Investing | September 16, 2015 By:

Visa Inc., Nasdaq Inc., Citi Ventures, Capital One Financial Corp., Fiserv Inc. and Orange SA invested $30 million in Chain Inc., a San Francisco-based company that works with banks and other institutions to develop ways to trade and transfer financial assets using the system that underpins the virtual currency Bitcoin.

Jean-Jacques Louis, Nasdaq senior vice president of strategic initiatives said, “We believe in the company and we think it is important to be close to the technology being developed. We’re putting our money where our mouth is in following and backing the company’s continued success and development.”

Adam Ludwin, CEO of Chain said, “We believe in the power of blockchain technology to transform how financial assets are transferred, but it has to be done with the right partners to insure it gets off the ground.”

A valuation for Chain wasn’t disclosed as part of the fundraising round. The company also said former American Express Co. CEO and venture capitalist Jim Robinson III has joined its board.