Layer 1 blockchain Alta completed a $47.5 million Series A financing, led by Index Ventures

According to Fortune magazine, Layer 1 blockchain development company Alta, aimed at banks and large financial institutions, announced on Tuesday the completion of a $47.5 million Series A funding round, but did not disclose the company's valuation. This round was led by Index Ventures, with participation from GV (Google Ventures), Blackbird Ventures, Square Peg, and Capital49.

Previously, the company had completed a $32.5 million seed funding round, primarily supported by Australian fintech giant Airwallex. Airwallex is currently competing in the global payments market with companies like Stripe.

Alta's CEO Loong Wang previously founded a cryptocurrency startup, which he sold in 2021, and then turned to a second startup that uses quantum computing technology to assist in drug development. After that, Wang returned to the cryptocurrency field and co-founded Alta with former Meta executive Catherine Porter. The company was recently renamed from its original name Metal. Porter was involved in Meta's later abandoned cryptocurrency business.

In an interview, Wang stated that despite the presence of many so-called Layer 1 blockchains in the market, he still decided to develop a new blockchain because he believes it is the best technology for transferring funds. He also pointed out that existing blockchains do not provide a complete set of privacy protection and compliance tools specifically designed for banks and other large financial institutions.