Blockchain startup Bluzelle has raised $1.5 million in a new Series A funding round to support the development of its data storage service.
Backing the round are venture capital firms Global Brain, LUN Partners Capital and True Global, according to today's announcement. Based in Singapore and first launched in 2014, Bluzelle is akin to projects like Filecoin or Storj, among others, which use the tech as a means to collectivize and monetize spare storage capacity.
In an interview, CEO Pavel Bains drew on these similarities, and spoke to Bluzelle fitting into a wider array of blockchain-powered technology layers, akin to what Oracle builds on top of the Windows operating system.
"Different blockchains are complementary systems," he told CoinDesk. "For data storage in a decentralized world we might use ethereum, we might use Hyperledger, or other options as the operating system – and we'll use Bluzelle for the data storage and management."
The firm has pursued other blockchain initiatives in the past, working on a blockchain-based insurance app for KPMG, as well as assisting in Deloitte's integration of the Ripple distributed payment system.
Looking ahead, the startup is eyeing the launch of an initial coin offering (ICO) sometime in October. The Bluzelle Tokens, in turn, will serve as the basis for the incentive system underlying the community of hardware operators that actually put up their data capacity for rent.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Image courtesy of Bluzelle
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at firstname.lastname@example.org.
Backing the round are venture capital firms […]
United States’ Commodities and Futures Trading Commission is apparently investigating Bitmex according to unnamed sources. Bloomberg says :“The months-long CFTC… Read More
Natural gas acquired as a byproduct of oil extraction has become synonymous with wasted energy. In certain areas, drilling companies… Read More
The U.S. Commodity Futures Trading Commission (CFTC) is reportedly probing crypto exchange giant BitMex. | Source: YouTube/BitMEX The US Commodity… Read More
Donald Trump has gained an unlikely ally in delivering criticism against the central bank. | Source: Getty Images/AFP/Shutterstock/AFP; Edited by… Read More
The BAT cryptocurrency gained 19% after its integration onto a gamer streaming site. Meanwhile, a meme was born as Trump… Read More
DUBLIN--( BUSINESS WIRE )--The "China Blockchain Industry" report has been added to ResearchAndMarkets.com's offering.This report provides a complete and detailed… Read More