Raj Date-Led VC Firm Backs Align Commerce Seed Round


A diverse cast of investors has contributed to the most recent undisclosed seed funding round for blockchain-based, cross-border payments solution provider Align Commerce.

Participants included more familiar names such as entrepreneur Barry Silbert’s Bitcoin Opportunity Corp, Adam Draper-led Boost VC and hedge fund Pantera Capital. The round also included traditionally payments-focused VC firms such as Bayhill Capital Management, NyCa Investment, Pivot Holding, Fenway Summer, R3 and the Whittemore Collection.

Unsurprisingly, not all participants are new to the ecosystem. Fenway Summer, for example, previously invested in bitcoin brokerage Circle’s $17m Series B and boasts former deputy director of the US Consumer Financial Protection Bureau (CFPB) Raj Date as its managing partner.

Align Commerce CEO Marwan Forzley framed its diverse set of backers as evidence of the increasing interest in using both bitcoin and its underlying payments rail, the blockchain, as a tool to lower the costs of cross-border payments.

Forzley told CoinDesk:

“When you think of the seed funding, it’s an illustration of a very interesting use case, which is payment processing on the blockchain.

Forzley indicated that the total raised was not disclosed due to “internal purposes”, stating that future announcements regarding fundraising were

Read more ... source: CoinDesk