- Firm manages to secure around $20m as part of an investment drive from various investors, including DNX Ventures and Epic Ventures, in a funding round
- The firm focuses on improving blockchain payments between businesses
- “We have pioneered assurity-as-a-service, which is our view of [what] the scaled commercial blockchain looks like”, says leading figure at Paystand
American blockchain-based payments platform, Paystand, has managed to secure a significant sum of investment capital in a funding round.
The online money transfer company got cash from a range of investors.
It is believed that the total amount it has secured is close to $20m.
The firm is believed to intend to spend it to accelerate the expansion of its products and services.
This is the second time that the California-based firm has managed to secure an investment round.
This round comes from a very diverse range of sources, including well-known names on the VC scene such as DNX Ventures and Epic Ventures.
Other firms like Battery Ventures, Commerce Ventures and Wildcat Ventures are also represented in the funding round.
Paystand caters to commercial clients and works to make payments simpler and easier for corporate organisations.
It is understood that the newly boosted firm has a blockchain which implements both public and private aspects, and that it is compatible with a whole range of currencies from around the world.
According to the firm’s Chief Executive Jeremy Almond, the company’s offer could be accurately compared to “Venmo for complicated transactions for commerce”.
Almond, who was speaking to website VentureBeat, was referring to the consumer service Venmo which is owned by PayPal.
“It’s like Venmo for complicated transactions for commerce”, he was quoted as saying.
“We are rebooting the financial infrastructure because a lot of it was built pre-internet. It holds companies back. We’re coming in with a new business model, doing payments-as-a-service.”
He also went into detail about the firm’s approach to proportional charges.
“A lot of folks charge 2% to 3% as a fee for moving money”, he said.
“In commerce, that’s a huge chunk. You can’t do that. Our model does not penalize companies for success. Blockchain for us is an enabling infrastructure, like the cloud was two decades ago. Blockchain is the infrastructure of the future.”
Further on in the extensive interview, Almond began to describe how his firm offered what he called “assurity-as-a-service”.
“We enable the infrastructure between companies to use what they call smart contracts”, he said.
“We pay you on these terms. How do you ensure that happens? Blockchain infrastructure is good for that kind of thing.”
“We have pioneered assurity-as-a-service, which is our view of [what] the scaled commercial blockchain looks like”, he added.
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