Several investors from diverse background have contributed to the latest undisclosed seed funding round for Align Commerce, the blockchain-based, cross-border payments solution provider.
Contributions came from some well-known names in the cryptocurrency space, including, Adam Draper-led Boost VC, Barry Silbert's Bitcoin Opportunity Corp and hedge fund Pantera Capital. The round also saw participation of traditionally payments-focused venture capital firms such as Pivot Holding, Bayhill Capital Management, Fenway Summer, R3, NyCa Investment and the Whittemore Collection.
Marwan Forzley, CEO of Align Commerce, said the support from such diverse cast is the evidence of the rising interest in using both bitcoin and its underlying blockchain technology, as a tool to lower the costs of cross-border payments.
"When you think of the seed funding, it's an illustration of a very interesting use case, which is payment processing on the blockchain. Forzley told CoinDesk.
He added that the total amount raised was not disclosed due to internal reasons and that future announcements regarding fundraising will be made soon.
"I think the key thing is a lot of the investors are into the use case and attracted because this is a really interesting way to build up the ecosystem," he said.
