Clearmatics Blockchain Finance Firm Gets $12 Million for Decentralised Clearing Networks
Blockchain Finance Startup Clearmatics Rakes in $12 Million Series A Funding
Clearmatics Technologies has announced that it has raised over $12 million in a Series A funding round led by venture capital firm Route 66 Ventures.
The Blockchain finance firm said it got additional investment in the funding round from private equity firm TNF Capital and XTX Ventures, the venture capital arm of electronic market-making firm XTX Markets.
Terms of the funding will see Samir Khosla, a managing partner at TNF Capital, join Clearmatics' board of directors.
Speaking about his new appointment Khosla said his company was pleased to strengthen its commitment to Clearmatics and praised “its exceptional team under the leadership of Robert Sams, a visionary innovator, bringing transformative change to financial market infrastructure.”
Clearmatics began operations in 2015 and since then it has adapted the ethereum blockchain to build “Decentralized Clearing Networks”, which are private, member-owned networks designed to automate the lifecycle of financial derivative contracts without the need for third parties.
The firm has ethereum founder Vitalik Buterin as an adviser.
Earlier this year, the firm teamed up with Axoni for a milestone demonstration of how a financial derivative could instigate a cross-chain atomic transfer of value between two distinct networks. It represented the first time a derivatives contract had been originated on one enterprise blockchain and settled on another.
Elsewhere, Clearmatics is the technology provider to the Utility Settlement Coin Project (USC), a consortium of 17 banks and financial institutions creating a new digital cash instrument collateralized by central bank money.
That effort was the focus of some recent jockeying by fellow enterprise-focused startup R3. As reported by CoinDesk last month, R3 tried unsuccessfully to muscle in on the USC project, proposing that it be built on the Corda platform. However, the idea was unanimously rejected by the 17 consortium members when putting to a vote.
With the latest funding, Clearmatics said it plans to expand its team (currently there over 30 staff between its headquarters in London and Silicon Valley) and also launch a Protocol Provider service next year to support the go-to-market of the USC project.
“We are very excited to be working with investors who are so committed to disrupting legacy market structure through technology,” Clearmatics CEO Robert Sams said in a statement.