Bitcoin Daily: Smart Contract Network Provider Data Gumbo Nets $7.7M For Scaling, Middle East Expansion; Digital Asset Manager Grayscale Hires Ex-Alerian CEO As ETF Chief

Data Gumbo, provider of blockchain-powered smart contract network GumboNet, has closed a Series B funding round with $7.7 million, according to a press release.

These funds are adding onto the first close of the round at $4 million from September, the release stated. With the new funds, the company plans to scale up its demand for GumboNet and establish service in the Middle East in order to cover the growth expected there.

“The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships,” said Data Gumbo Founder and CEO Andrew Bruce in the release. “Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet ESG, Data Gumbo’s trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network.”

In other news, Grayscale, a digital asset manager, has hired former Alerian CEO David LaValle to be its new exchange traded fund (ETF) chief, CoinDesk reported.

ETFs are the securities tracking an index or commodity traded throughout the day on the stock market. ETFs can hold multiple kinds of underlying assets and can be used for diversification.

LaValle will be Grayscale’s first hire in the realm of its ETF business, following several job postings, according to CoinDesk.

LaValle previously served at various stock exchanges and also built out ETF listings at Nasdaq. He also led a segment of the State Street ETF business, where he held the title of head of the capital markets team, CoinDesk reported.

“Starting 25-plus years ago, ETFs were focused on U.S. domestic equities then moving into international equities, commodities, fixed income and sub-sectors of fixed income,” LaValle told CoinDesk. “Obviously now we’re moving into the next wave of evolution which I’m extremely excited about.”