UK-based blockchain startup Clearmatics secures $12M in Series A funding

Clearmatics, a London-based blockchain R&D company, has announced that it has raised more than $12 million in a Series A funding round led by Route 66 Ventures.

The round also drew support from private equity firm TNF Capital and XTX Ventures, the venture capital arm of the quantitative-driven electronic market-making firm XTX Markets. Samir Khosla, Managing Partner at TNF Capital, will join the Clearmatics Board of Directors.

Founded in 2015, Clearmatics grew out of prior work in the Ethereum project and is focused on designing and servicing protocols for Decentralised Clearing Networks (DCN’s) – private, member-owned and governed networks enabling peer-to-peer transfer of financial value and automation of contractual and fiduciary operations without reliance on trusted third-parties.

Clearmatics said that it will use the funding to expand its team and accelerate its ongoing development work in permissioned, peer-to-peer networks, including its work on blockchain interoperability and transaction privacy.

“We are very excited to be working with investors who are so committed to disrupting legacy market structure through technology. This investment will enable us to create further DCNs and build a peer-to-peer ecosystem over the entire trade lifecycle, from trade execution to settlement,” Robert Sams, CEO of Clearmatics, said.

In its official release, Clearmatics also announced its plans to launch a Protocol Provider service next year to support the go-to-market of the Utility Settlement Coin Project, a consortium of 17 banks and financial institutions creating a new digital cash instrument collateralised by central bank money.