Allium Attracts $16.5 Million Investment In Series A Spearheaded By Theory Ventures
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Allium Inc. is a web3 data delivery system for corporations. The platform has announced that it has secured $16.5 million in early funding, spearheaded by Theory Ventures, to build out its systems and help more financial institutions accept digital assets.
Existing investors Amplify Partners and Kleiner Perkins also took part in the financing round, which raises the total money secured by the firm to $21.5 million after the firm’s seed round in 2022.
Allium Aims To Build Trust And Clarity In Blockchain Technology
Allium’s platform offers high-quality data services for companies and financial institutions so it can be easily checked and used for apps and reports.
Even though blockchains are distributed ledgers similar to extensive databases, they don’t work the same way. Instead, they are more like computers, where the logged transactions are part of complicated software. Aligning and grasping blockchain systems necessitates deep expertise in stablecoins, smart contracts, non-fungible tokens, and other industries formed on blockchain technology.
The Chief Executive Officer and co-founder of Allium, Ethan Chan, said that the company wants to build trust and clarity in blockchain so people can understand and work with it confidently. He added that accurately monitoring cryptocurrency volumes involves constantly standardizing data across more than 40 blockchain networks.
Allium Wants To Enhance Its Data Systems And Tools To Better Serve Its Customers
The firm gives blockchain information to its customers using two main tools: Allium Developer and Allium Explorer. The Explorer tool helps users find and analyze data for research, investment, and financial checks. The Developer tool provides live data for fast and solid apps.
Allium teamed up with financial tech companies like Stripe and Visa, which use the platform for cryptocurrency operations. It also collaborates with blockchain firms such as Phantom, a blockchain wallet provider, and Uniswap Labs, a decentralized crypto exchange.
The firm recently partnered with Visa to provide data for the new Visa Onchain Analytics Dashboard. This dashboard will first show information about stablecoins, cryptocurrencies that keep the same value as traditional currencies like the U.S. dollar. The data will include details on active users, transaction sizes, volumes by coin, and other metrics.
Cuy Sheffield, head of Visa Crypto, said that Visa wants to give its clients a clearer picture of how people and businesses use stablecoins for transactions beyond just crypto trading. Visa Crypto also aims to work with partners to create products that better serve its clients. The Visa OnChain Analytics Dashboard will help Visa Crypto’s clients understand these activities better.
