Enterprise-focused blockchain data platform Allium has raised $40 million in new funding.
The company announced its Series B round Tuesday (June 23), noting that it comes at a time when global finance is rapidly moving to blockchain rails, with $302 billion in stablecoins, $394 billion in on-chain payments volume last year, and $27.6 billion in tokenized financial instruments.
“While blockchain and stablecoin usage is growing, institutions have historically not had an easy way to operate within these systems,” the company said in a news release. “Allium helps institutions make sense of fragmented blockchain data by doing the heavy lifting to standardize and enrich information across more than 150 chains. Its data is trusted and cited by government agencies and leading research institutions including the Federal Reserve and Stanford.”
According to the release, Allium has since its last round of financing seen its revenue grow more than ten-fold, with the company expanding to more than 150 enterprise customers and forming partnerships with payment networks like Visa, which developed its Onchain Analytics Dashboard in collaboration with Allium’s data.
“Every major financial workflow runs on a system of record,” said Ethan Chan, co-founder and CEO of Allium. “Whether it’s Bloomberg for market data, DTCC for securities settlement, or SWIFT for payment messaging, these systems underpin how global finance operates. As finance moves onchain, there’s still no shared, institutional-grade system of record, leaving institutions operating at scale without a reliable source of truth. We’re building the foundation that brings institutional-grade reliability and standardization to onchain finance.”
In other blockchain related news, recent research by PYMNTS Intelligence and Velera suggests the greatest barrier to stablecoin adoption may have less to do with regulation than with a problem of public perception.
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“Many consumers do not distinguish stablecoins from cryptocurrencies, do not know whether their financial institutions offer them and have yet to develop a clear understanding of why they would use them in everyday payments,” PYMNTS wrote Tuesday.
The research found that 70% of credit union members did not know whether their institution offers receipt, storage or transactions using stablecoins. Only 7% said those services are available. Those figures are nearly identical to replies involving cryptocurrency availability, despite stablecoins being built around price stability and not speculation.
“The industry has spent years drawing distinctions between bitcoin and dollar-backed stablecoins, emphasizing that one functions primarily as an investment while the other is intended to facilitate payments,” the report added. “Consumers, however, appear to make little distinction.”
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