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Visa invests in cryptocurrency technology


Foster City, Calif. – Financial services provider Visa Inc. is among the lead investors in a $30 million round of equity funding for a blockchain technology provider.

The provider, Chain Inc., is a model that uses cryptographically secured networks to make instant peer-to-peer transactions, and is the platform supporting cryptocurrencies such as bitcoin.

“Visa’s investment in Chain underscores our long-standing commitment to explore technology, like the blockchain, that could have the potential to advance secure and convenient digital payments for our clients and their customers,” said Jim McCarthy, executive VP innovation and strategic partnerships at Visa.

Nasdaq, Citi Ventures, Capital One, Fiserv and Orange also participated in the funding round. Chain’s newest partners will also join the company in forming a Blockchain Working Group to explore the application of the technology in various markets and take a collaborative approach to interoperability. Former American Express CEO and RRE Ventures founder, Jim Robinson III, has joined the company’s board of directors.

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