CULedger Raises $8.5M In Series A For Credit Union-Focused Blockchain Platform

Blockchain, Investing, News | August 28, 2018 By:

Credit union industry blockchain initiative CULedger has secured $8.5 million in Series A funding, which will continue through November 18.

CULedger is a Credit Union Service Organization (CUSO), comprised of more than 30 credit unions and other industry organizations, that focuses on delivering innovative applications on a global distributed ledger platform for credit unions. CULedger was founded by CUNA Strategic Services and Credit Union Strategic Partners and with coordination from CUNA, Mountain West CU Association and Best Innovation Group.

In October 2017, CULedger set the goal of $10 million in its Series A funding round. The round has now secured 32 investors, majority of which are credit unions. The organization claims that it is well-ahead of schedule to meet its funding goal.

“Having received such a positive response from the credit union community in our efforts to deliver the first universal digital credential through self-sovereign identification, we realize the need for digital identity is widespread,” said John Ainsworth, president and CEO of CULedger. “With the support from our investors, CULedger is positioned to develop distributed ledger solutions for the digital identity crisis, keeping credit unions the most trusted financial institutions.”

Earlier this year, CULedger partnered blockchain startup Hedera to build a comprehensive system for identity and global payments, which will work in conjunction with CULedger’s MyCUID blockchain digital identity offering. In June, CULedger joined the Sovrin Foundation as a Founding Steward. As a Steward, CULedger will play a pivotal role in creating, operating and maintaining Sovrin’s decentralized, permissioned digital identity network.