Clear, a blockchain startup located in Israel has raised approximately $13 million in the just concluded Series A round to develop a high volume payment platform to enable cross-border payments, Cointelegraph reports.
Clear announced on Wednesday that the funding round was spearheaded by Eight Roads, a subsidiary of Fidelity Venture Capital. The funding round was also participated in by various global telecom firms such as Telefonica Innovation Ventures, Deutsche Telekom, Singtel Innov8 as well as HKT.
The high participation by telecoms is understandable given that Clear is focusing on providing blockchain based solutions for telecoms. The firm is developing a blockchain based transaction platform which will ease cross-border transactions in business to business (B2B) engagements.
Notably, some of these firms like Germany’s Deutsche Telekom, Spain’s Telefonica, France’s Orange, Telstra from Australia as well as UK’s BT Group took part in testing some of Clear’s solutions. The statement by Clear says the concluded Series A funding came after various successful trials where the telecoms moved millions of dollars among them.
The startup’s blockchain-based platform offers telecoms a platform which they can collaborate and clear payments via automation. The protocol by Clear utilizes cryptographic techniques like zero-knowledge proofs which are crucial in easy execution of smart contracts in B2B transactions while at the same time controlling the data involved.
Clear states that its technology will help such firms to lower their operating costs, enhance efficiency as well as deal with mobile fraud.
The chief innovation officer at Telefonica, Guenia Gawendo explained that blockchain comes with an extra layer of trust when it comes to operations. He added that his firm can use Clear’s solutions to meaningfully reduce friction when it comes to financial settlements among the carriers and operators.
Susanna Hui, the managing director at HKT Group, stated that Clear integration is very important in development of fresh products and services especially after the launching of the 5G network. Hui explained that it will now be easier for firms to push boundaries and adopt faster innovation with Clear’s solutions.