According to a news statement issued on Tuesday, BlockApps has raised $41 million in a fresh investment round that will enable the blockchain startup to introduce more actual assets, such as agricultural and energy items, to its network.
Businesses can use BlockApps to increase the openness and traceability of their operations. The company’s STRATO blockchain platform, which is compatible with Ethereum, aids in the operation of business networks. BlockApps intends to use the funds to expand its team and assist more Fortune 500 companies and startups in utilising its blockchain network.
Liberty City Ventures led the financing round, which included ConsenSys, Morgan Creek Digital, and Eidetic Ventures, among others.
Murtaza Akbar, a founding partner at Liberty City Ventures, stated:
“[BlockApps] are solving some of the world’s biggest problems and forcing industries to rethink what’s possible with blockchain technology – especially when it comes to navigating the complexities of today’s sustainability challenges and supply chain issues.”
BlockApps has already utilised their blockchain programme to track the lifetime of food and farm products, as well as to manage carbon data. Amazon, Bayer Crop Science, and Blockchain For Energy, an organisation of significant energy businesses, have all collaborated on the project.
Liberty City Ventures, based in New York, has recently poured money into the cryptocurrency market. In March, it co-led an $88 million fundraising round with Hong Kong-based venture capital firm Animoca Brands for crypto custody provider Hex Trust.
In a previous fundraising round, BlockApps raised $9 million.
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