California-based blockchain development firm Baton Systems has closed a $12 million Series A funding round led by Trinity Ventures.
According to a Ledger Insights report published Sept. 2, the new funding will be used to scale Baton Systems' blockchain-powered bank-to-bank payment solution.
Baton Systems has reported that it already processes over $13 billion in payments implementing its solution for market participants and clearinghouse counterparties.
The firm's blockchain platform is designed to be interoperable with legacy systems and doesn't require clients to overhaul their existing business systems.
"The Baton platform integrates with financial institutions' current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place."
The blockchain software workflow coordinates between various systems and institutions to achieve transparent and efficient settlement of assets, together with instant reconciliation and reporting for all parties involved, the company has noted.
While using distributed ledger technology, the payments-focused solution does not involve cryptocurrencies or digital assets, Baton Systems' CEO Arjun Jayaram emphasized.
According to the report, Baton Systems contributed to the Bank of England's blockchain pilot for real-time gross settlement, which spurred the institution's later decision to rebuild its RTFS system using the technology.
In a Barclays-hosted hackathon last year, Baton Systems won a prize for the best solution supporting the ISDA's Common Domain Model industry standard for derivatives.
The firm later announced support for the CDM standard on its blockchain platform, allowing clients to efficiently connect their existing swaps and derivatives systems to the Baton platform.
US Firm Raises $12M for Bank-Focused Blockchain Payments Solution
pubblicato su Sep 2, 2019
by Cointele | pubblicato su Coinage
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