B2B Payments

Blockchain Innovators Get A Boost

Some venture capitalists are gearing up for the age of blockchain innovation. One venture capitalist group says it has already caught on to the trend as part of its confidence in the future of digital payments.

Reports in DCE Brief on Tuesday (Oct. 6) said Boost VC revealed that it has already provided blockchain startups with $52 million since launching in 2012. The funds landed in 52 different startups, reports said.

Boost VC has made clear the faith (and money) it puts in the power of blockchain technology, previously stating that it is “committed to empowering great companies to build the future of these industries,” according to the publication.

[bctt tweet=”Boost VC has made clear the faith (and money) it puts in the power of blockchain technology”]

Before Boost VC announced these figures, it was unknown how much the company provided to startups in the space; earlier reports placed funding at just $6.6 million. Newer information, reports noted, suggest that about 60 percent of Boost VC’s funding lands in the hands of bitcoin or blockchain innovators.

The blockchain has become the newest focus of payments innovation among mainstream banks. In only the last few weeks, several of the world’s largest financial institutions have signed on to support innovation and exploration of the technology, which many say could streamline B2B cross-border payments as a faster, more secure alternative to other digital payment methods.

Last week, 13 major banks – including Bank of America and Citi – joined an already impressive group of institutions that support startup group R3’s initiatives to explore blockchain technology.

“The addition of this new group of banks demonstrates widespread support for innovative distributed ledger solutions across the global financial services community,” said R3 Chief Executive David Rutter in a statement, adding that the more banks join the initiative, the more adequately the group will be able to innovate. The group had already been joined by JPMorgan, UBS, RBS, Barclays and others.

 

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