Chain raises $9.5 million to build Bitcoin development platform

chainbitcoin20 Aug 2014 / Fortune – Chain raises $9.5 million from Khosla Ventures to help companies build on Bitcoin.

Chain today is launching as a startup that hopes to become the definitive development platform for Bitcoin, whether the ultimate application relates to financial services or to some other sort of decentralized service.

It also will announce $9.5 million in Series A funding. Khosla Ventures led the round, and was joined by RRE Ventures, Thrive Capital, SV Angel, Box Group Kevin Ryan, Barry Silbert, Scott Banister, Homebrew, 500 Startups and Pantera Capital.

“Our thesis is that we’re in an era where people are looking for services to simplify very technical infrastructure so that they can build on-demand services,” explains Adam Ludwin, Chain’s founder and a venture partner with RRE Ventures. “The blockchain is this mammoth network that is quite difficult to build on…. It’s like telecom or credit card processing or web hosting where certain people at the beginning tend to do it themselves but, over time, it matures and bigger companies start accessing it. So what you need is reliability and real service-level agreements. When a big bank wants to connect to the blockchain, they want an expert to help them. We want that to be us.”…… Read more

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