Belgium-based Blockchain-as-a-Service (BaaS) platform SettleMint has landed a €1.9m investment from Dutch venture capital firm KPN Ventures and its US counterpart Medici Ventures to grow its enterprise blockchain development.
SettleMint has raised a total of €5.5m from investors, ensuring the business can expand its services to Europe the Middle East and Asia, it said in a statement.
There is a growing demand for both private and public blockchain networks, which is behind investor appetite in SettleMint. The software developer said there is “strong momentum” behind blockchain technology, adding: “In the next years we expect to see full-scale adoption moving the technology from a nascent to a prevalent part of IT infrastructure and architecture.”
The developer said many firms are looking into blockchain networks, but find the development process can be expensive, leaving middle and lower-tier firms with no way into the technology. SettleMint said it has designed a “scalable low-code” solution to allow more businesses to use the software.
Matthew Van Niekerk chief executive and co-founder of SettleMint said: “When you recognise the benefits of this technology for the economy and for society, you have a moral obligation to make it easy for developers to use, to accelerate adoption. As with other cutting edge technologies, getting to the inflection point of adoption requires a product that abstracts away complexity, tools that developers love to use and a solution that decision makers trust”
With 2019 being a rather developmental year for blockchain technology, projects like SettleMint are prepping their launches for 2020. However, it’s important that they address the biggest problems facing blockchain adoption: price and scalability.
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