Bison Trails, a member of The Libra Foundation and blockchain protocol provider, raised $25.5 million in Series A funding.
The round was led by the venture company Blockchain Capital. Other companies that participated in the funding round were Coinbase Ventures, ConsenSys, Kleiner Perkins, A Capital, Sound Ventures and Collaborative Fund.
Bison Trails Raises $25.5 Million
The company was able to secure $25.5 million in order to expand its current blockchain infrastructure offerings for clients. The firm decided not to share further financial terms of this deal.
The Facebook Libra Association was created by Facebook and other financial technology companies around the world in order to be part of the new Libra cryptocurrency ecosystem.
The startup is currently helping customers deploy nodes on different blockchain networks without having to create their own infrastructure and protocol engineering competencies.
Many firms are already entering the blockchain market and there is a higher demand for services related to the industry. Companies such as Bison Trails are expected to play a more prominent role in helping the sector expand.
According to the CEO of the company Joe Lallouz, the firm will contribute to building the new system with Facebook.
Although there is a large interest in the new crypto asset Libra, which is planned to be launched in 2020, regulators around the world have already warned about the effects this cryptocurrency could have in the world economy. At the time of writing this article, the firm is helping more than 20 different protocol projects handle their blockchain initiatives.
In this way, the firms do not have to invest financial resources and time in setting up specific in-house security and infrastructure for their distributed ledger technology (DLT) projects.
Until now, the firm’s total funding surpassed $31 million. Although in the future they could raise more funds, the company didn’t provide information about it.