Transparent Financial Systems a 24/7 on-demand settlement solution of a distributed system and cryptography, has sealed $14M in its seed funding. With this funding, the Transparent aims to use its funding in advancing product development and engineering and also start expanding the firm outside the US.
Pantera Capital led this Series A funding with the support of Jack Dorsey’s Square, Future\Perfect Ventures, DCG, etc. In July 2018, Transparent got the funding of $8 million in seed financing by Vulcan Capital.
Chief Investment Officer at Vulcan Capital, Chris Orndorff, said that the financial industry is prepared enough to come up with new technology to enhance the way of paying for goods and services.
Orndorff further said, “Transparent has put exceptional efforts during in its very first year, and we are delighted to collaborate with them as their strategic partner and new investor that reveres Paul Allen’s vision.
Transparent Systems withdrew from Vulcan Inc. in early 2018 as instructed by late Paul Allen, co-founder of Microsoft, along with Shawn Johnson, the former chairman of the investment committee of State Street Global Advisors.
Transparent pledges to minimize the conflict in the present economical infrastructure using a cryptographically secure and distributed real-time payments network. The startup focuses on B2B payments, its website, and marketing substances that it builds solutions, not currencies. The products of Transparent should be up for early production use in 2020.
"Blockchain technology finds its roots in several years of advances in distributed systems and cryptography, and it's at the heart of banking and financial innovation today," said Joey Krug, co-chief investment officer at Pantera.
According to the deal, Pantera and Future\Perfect will be joining Vulcan Capital on Transparent's board of directors. All and all, Transparent has now got the wings and they are all set to explore new horizons in “cryptographic settlement” and B2B payments.
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