Thursday, December 8, 2022

SettleMint Secures $15.5M as it Plans For Expansion

In-browser blockchain development platform SettleMint has secured €16 million which is approximately $15.5 million in a Series A round targeting expansion. The total valuation of the Belgium-based company has not been publicly declared.

Described as an ‘oversubscribed’ funding round, it was jointly led by London-based venture firms Molten Ventures and Europe-focused OTB Ventures. 

Following the closing of this round, SettleMint is set to launch its operations in the Japanese territory. Specifically spelt out by the low-code blockchain platform, the capital will be used to ‘solidify SettleMint’s unique position in current markets, fuel international expansion, and power the expansion of SettleMint’s partner program’. 

Markedly, a few new investors supported OTB Ventures and Molten Ventures which is also an investor in UiPath and Revolut. The round featured Allusion, Bloccelerate, and the venture arm of the Japanese electronics company Fujitsu. Also, Medici Ventures, L.P joined the Series A round as an existing investor.

The firm acknowledges the fact that its offerings have experienced a high-speed adoption rate in Europe, MEA, India, and Singapore. Likewise, SettleMint took cognizance of the fact that its applications are utilized both in the private and public sectors in all of these jurisdictions. 

SettleMint Eyes Expansion Into Japan

Now, it is making an expansion move into Japan to provide its high-performance low-code offering. On a global scale, SettleMint plans to add 60 members to its team as it prepares for expansion. 

The Belgium-based firm was co-founded by Matthew Van Niekerk and Roderik van der Veer in 2016. Ever since, it has delivered strategies to integrate blockchain applications into existing systems.

The solutions proffered by SettleMint take away the drudgery and complexities involved in blockchain implementation. 

Correspondingly, the high-performance design of the low-code developer platform assists non-blockchain developers to develop value-creating applications rapidly and easily on Web3.0 infrastructure. The capital realized from the Series A round will be used to boost growth and support companies in this aspect. 

Equally, Binance is in talks with the Japanese regulator to obtain a business license to enable it to re-enter the market. The leading cryptocurrency exchange had taken leave of the Japanese market after it was warned of operating without a license. For a similar crime, Binance was made to pay EUR3.3 million approximately $2.9 million in the Netherlands

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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