Blockchain infrastructure Startup Arwen has secured $3.3 million in a fresh venture funding round, backing its development of a secure digital asset trading settlement process.
Announced on Wednesday, the round was led by Slow Ventures along with the participation from Coinshares, Collaborative Fund, Underscore VC, and DG Lab Fund.
Mentioning the company’s ambition, Sharon Goldberg, Arwen’s CEO, said: “To support its growth, the digital asset economy must differentiate itself from traditional capital markets. This requires technology that goes beyond the institution of yet-another centralized entity. Arwen’s technology delivers on the promise of blockchain — decentralization— while eliminating counterparty risk and streamlining operations during the precarious moments when digital assets move as part of trade settlement.”
Securing crypto transactions
Established in 2017, the Boston-based company is developing a blockchain-based technology that streamlines settlement and eliminates counterparty risk. Its solutions institutions to secure their assets when they are “most at risk: while in motion during settlement.”
In addition, it also cut down the settlement time, reduce human error, and simplify reconciliation.
Investors are also optimistic about the company’s solution as it is also tapping a major market where there is a massive demand for the security of digital asset trading.
“Having worked on Wall Street and seen the inefficiencies present in the legacy financial system, the promise of peer-to-peer technology to fundamentally shift the way we trade and transact is clear. That said, today’s technologies fall short of this, requiring the existence of third parties to clear and settle trades,” said Jill Carlson, who represented Slow Ventures in the investment.
“Arwen changes this by enabling simultaneous delivery-versus-payment for the first time. The implications of this are enormous, not just for cryptocurrency, but across asset classes and markets broadly.”
The company launched its testnet last May and partnered with KuCoin for the integration of its protocol.
