A blockchain development firm named Baton Systems based in California recently secured a new Series A funding round led by Trinity Ventures. As the latest cryptocurrency news show, the US firm raises $12 million in a round – and the funding will be used to scale its blockchain powered bank-to-bank payment solutions.
First reported by Ledger Insights, the news show that Baton Systems already processes over $13 billion in payments implementing its solutions for market participants and clearinghouse counterparts. The US firm raises $12 additional million which will use the interoperable blockchain technology with legacy systems and without requirements for clients to overhaul their existing business systems.
“The Baton platform integrates with financial institutions’ current collateral and cash systems, leaving their existing business processes, systems, and ledgers in place,” Baton Systems outlined in a statement.
Meanwhile, the coming altcoin news show that the blockchain software workflow coordinates between various systems and institutions in order to achieve transparent and efficient settlement of assets – coupled with instant reconciliation and reporting for all parties involved, as the company noted.
Even though it is using distributed ledger technology, the payments focused solution won’t involve cryptocurrencies and/or digital assets, as the CEO of Baton Systems Arjun Jayaram noted.
In the report, we can also see that Baton Systems contributed to the Bank of England’s blockchain pilot for real-time gross settlement, which spurred the institution’s later decision to rebuild its RTFS system using the technology.
In a hackaton by Barclays held this year, Baton Systems won a prize for the best solution which supports the ISDA’s Common Domain Model (CDM) industry standard for derivatives. As many best cryptocurrency news sites later confirmed, the firm announced support for the CDM standard on its blockchain platform – and with that allows clients to effectively connect their existing swaps and derivatives systems to the Baton platform.
As the US firm raises $12 million for the new blockchain upgrade, there are more and more news around the topic of blockchain technology. For instance, the Italian Banking Association was in the news this summer for announcing that Italy’s banks will integrate distributed ledger technology into internal settlement processes – in a bid to improve the transparency in its interbank transactions and its counterparty communication.
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