What’s next for B.S.E.E.? The company is trying to shake up the way we think about the blockchain and what it means for the future of the financial industry
BALTIMORE — B.s.E.’s blockchain-based smart contracts, the world’s first blockchain-powered money transfer platform, has raised $6 million in seed funding.
The company, which was founded in 2013 by former Apple software engineer Peter Schumacher, is hoping to develop a new generation of blockchain-enabled financial services.
It also aims to help companies like the BATS, a blockchain-backed trading platform, and e-commerce companies like Amazon, eliminate middlemen.
In a blog post, B.sande E, a company spokesperson, said it raised $60 million in funding and plans to continue to build out the company’s technology.
B.sandes E will work with existing banks to enable new types of financial transactions, and to facilitate new types and uses of blockchain technology, the company said.
Its goal is to create a new industry for financial services that would enable banks to offer financial services to people on the blockchain, instead of relying on third-party middlemen, it added.BATS, which is based in Seattle, is the world-leading e-retail platform for small and medium businesses, as well as merchants and other retail firms.
Its founder, Paul Shulman, left Apple in 2015 to found B.
The BATS platform, which allows customers to transfer money via a blockchain network, has more than 300 million users and more than $300 billion in transactions.
BATS says it has more users than Facebook, Twitter, Amazon, Etsy and more.
Last year, BATS raised $200 million in Series B funding led by Fidelity Investments.
The company recently announced a new round of venture funding, led by venture capital firm New Enterprise Associates, and a new $20 million round led by New Enterprise Ventures.
In the last six months, Bats has raised about $2.8 million from a number of sources including Fidelity, FirstMark Ventures, UBS and Sequoia Capital, according to its website.
It has also raised $100 million in private funding.
Shulman told the New York Times in an interview in May that he has been thinking about building a blockchain platform for about five years and was first inspired to start B. Sandes E by a conversation he had with the CEO of BATS about the potential for a decentralized, distributed ledger for financial transactions.
The goal of B. sandes e is to be the first and the best blockchain-driven financial service company, Shulmans stated.
It’s not about competing with the likes of Amazon or PayPal, which are already doing this.
Instead, it’s about offering the best experience possible, he added.
That’s what the blockchain enables, which lets you transact without having to go through a middleman, he said.
That has been really interesting.
We’re looking at how do we bring that technology to people who are just interested in the technology and are trying to figure out how to apply it to their lives.
Bats has not released a formal valuation yet, but estimates the company will generate revenue of about $100 billion a year.
Its revenue comes from merchants and third-parties like banks, and includes payments made via the platform.