Blockchain-based smart contract startup Clause secures $5.5M led by Galaxy Digital
Fri, 28 Jun 2019, 06:37 am UTC
Clause, a provider of blockchain-based smart legal contracting, has secured $5.5 million in a Series A round, spearheaded by Galaxy Digital.
According to CoinDesk, the funding also received a strategic investment from new investors including DocuSign and Block.one-backed EOS Venture Capital Fund and existing ones such as BN Capital and Seedcamp.
Founded in 2016, Clause provides blockchain-based systems that enable the creation, storage, and maintenance of digital contracts for businesses. However, it can also provide the same services independent of blockchain technology through existing platforms such as PayPal and Stripe.
“It’s blockchain-agnostic and also blockchain-independent,” Clause CEO Peter Hunn said. “What we mean by that is you can run Clause without the blockchain infrastructure at all. You could just have a contract that you sign using an e-signature service that then initiates a payment through Stripe or Paypal that you connect to that agreement.”
In addition, two new executives will sit on Clause’s board of directors, including Greg Wasserman, Galaxy Digital’s Co-Head of Principal Investments, and Mike Dinsdale, Gusto’s CFO. E
“They both bring a wealth of enterprise experience,” Hunn said, adding that their “experience is very useful for Clause as it begins to grow into a much larger organization.”
This news follows after Galaxy Digital expanded its services, offering cryptocurrency options contracts trading, with an aim to hedge the “inherent volatility risk” or cryptocurrencies. The crypto investment bank of former hedge fund manager Mike Novogratz also recently participated in the Series A funding of Spring Labs to use blockchain technology to address fraud issues in the auto financing market.
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