SendBlocks Raises $8.2 Million for Blockchain Data Management

Israeli blockchain data management startup SendBlocks has raised $8.2 million in seed funding.

The company, which has just emerged from stealth, announced the funding in a news release Wednesday (July 3) that also outlined its platform, which lets blockchain enterprises, ecosystems, protocols and applications “define the data that matters to them,” and leave it to the company to sort through the blockchain “to find their nuggets.”

The emergence of high-throughput blockchains, the release added, has spotlighted several new use cases for blockchain-based applications, which have become more apparent due to better usability and cheaper transaction cost.

“At the end of the day we want to create a reality in which any developer can access any blockchain data they desire, without needing an entire data team or spending thousands of dollars per data need to do so,” said Itay Shrem, co-founder and CEO.

“We believe that starting out in web3 shouldn’t necessitate an extensive data team and that infrastructure costs should align with the application’s user base rather than the blockchain’s throughput,” added Michael Kellner, SendBlocks co-founder and CTO. “Merely scaling the blockchain isn’t sufficient; the entire stack must be scalable to support the next generation of applications.”

Elsewhere from the world of blockchain, PYMNTS last month examined the potential of blockchain-based cross-border payments. As that report noted, if those payments moved from “experimental to essential,” it would shift how businesses worldwide transact with each other.

However, just as fiat and domestic-use payments innovations must meet end-user expectations, cross-border settlement needs to line up with local marketplace requirements — making compliance vital for any innovation to scale.

”There are two big things businesses want,” Boost Payment Solutions founder and CEO Dean M. Leavitt told PYMNTS in an April interview. “The first is cross-border payment mechanisms that are cost-effective and efficient in paying their suppliers abroad. That’s a clear desire on the enterprise B2B level. And the other thing is just broadly digitizing the ways in which businesses pay and get paid.”

Against that backdrop, crypto’s potential to transform existing cross-border payments workflows is becoming tricker for firms in search of an operational edge to write off as they look to expand internationally.

Blockchain technology targets the core issues bedeviling traditional cross-border payments: high costs; slow processing and deficit of transparency. By employing decentralized ledgers, blockchain claims to facilitate quicker, more secure and less costly transactions.

“The shift is particularly beneficial for businesses that operate across multiple markets, as it allows for quicker settlement times and reduced fees, thereby enhancing overall operational efficiency,” PYMNTS wrote.