San Francisco-based Bitcoin company Chain Inc. has clinched an investment of $30 million and the investors include financial heavyweights such as Visa Inc., Nasdaq Inc., Citi Ventures, Capital One Financial Corp., Fiserv Inc. and Orange SA.
Chain Inc. works with banks and other financial firms and claims that its “solutions enable institutions to design, deploy and operate blockchain networks that can power any type of asset in any market.”
As reported by the Wall Street Journal, the company has also said that the former American Express Co. CEO and venture capitalist Jim Robinson III has joined its board.
The investment and the interest shown by such big financial institutions may seem a little startling to those who recall how these very institutions had initially refused to endorse the Bitcoin. Many of these institutions had then said that it was unlikely that the Bitcoin would be able to transform or revolutionize the commerce industry.
But now these institutions have softened their attitude towards Bitcoin but it is not because they wish to use the ‘currency,’ but because they are fascinated by the technology behind the Bitcoin, ‘blockchain.’
Many finance experts have started opening up on the importance of the