The newly formed Singapore-based blockchain startup Bluzelle has raised $19.5 million in its initial coin offering (ICO). The ICO generated 500 million tokens and sold 165 million – or a third of the total – to investors including Kinetic Capital, Hashed, Kryptonite between 1 and 8 Decimal Capital.
Founded in 2014, started off by providing payment systems to financial institutions such as AIA, Maybank, and Tremenos. Now it offers a complete and fully integrated stack of blockchain applications, middleware and data services. With this technology, the company has planned out applications and tools to support financial institutions, payment networks, and insurance providers. It is also developing a decentralized database to address blockchain storage challenges.
Besides all of this, it is also working to improve Solidity by integrating its blockchain technology with API advanced coin marketing feature. By offering decentralized applications on a tamper-proof network, they are continuing to secure the future of the organization.
Beside Ryan Fugger, Bluzelle advisor list includes the likes of Brian Fox, creator of GNU Bash, Alex Levering ton, one of the original Core Ethereum developers, Prashant Malik, co-creator of Apache Cassandra.
The funding gained by their tireless efforts will be used to scale up its enterprise business, develop its decentralized database platform, and build its initial developer community.
“Selling out the crowd sale is a huge milestone in the growth of our company,” said Mr. Bains, “And our journey to deliver a product that will be a key component of the new, better Internet,” Bluzelle’s CEO Pavel Bains reported. “We have been into this technology for years and the CEOs and CTOs we work with are just as enthusiastic as us about the product, technology, and the future. With this funding, we will now be able to bring our decentralized database and blockchain technology to everyone.”