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SendBlocks Raises $8.2M for Blockchain Data Management
Israeli Blockchain Data Management Startup SendBlocks raised $8.2 million in seed funding.
The company, just emerged from the shadows, announced funding in a press release Wednesday (July 3) that also outlined its platform, which allows blockchain companies, ecosystems, protocols and applications to “define the data that matters to them” and let the company sift through the blockchain “to find their nuggets.”
The emergence of high-throughput blockchains, the release states, has highlighted several new use cases for blockchain-based applications, which have become more evident due to improved usability and lower transaction costs.
“At the end of the day, we want to create a reality where any developer can access any blockchain data they want, without needing an entire data team or spending thousands of dollars for each data point to do so,” he said. Italy Shremco-founder and CEO.
“We believe that getting started with web3 should not require a large data team and that infrastructure costs should be aligned with the application’s user base rather than blockchain throughput,” he added. Michael Kellnerco-founder and CTO of SendBlocks. “It’s not enough to simply scale the blockchain; the entire stack needs to scale to support the next generation of applications.”
Elsewhere in the blockchain world, PYMNTS last month examined the potential of Blockchain-based cross-border paymentsAs that report noted, if those payments went from “experimental to essential,” it would change the way businesses around the world transact with each other.
However, just as innovations in fiat and domestic payments must meet end-user expectations, cross-border settlements must also be aligned with local market requirements, making compliance essential for any innovation to scale.
“There are two big things that companies want,” Boost Payment Solutions Founder and CEO Principal M. Leavitt PYMNTS said in a April Interview. “The first is a cross-border payment mechanism that is convenient and efficient in paying your suppliers abroad. That’s a clear desire at the corporate B2B level. And the other thing is just the broad digitization of the ways in which companies pay and get paid.”
In this context, the potential of cryptocurrencies to transform existing cross-border payment workflows is becoming more complicated for companies looking for a operating margin to be set aside as they seek to expand internationally.
Blockchain technology addresses the main problems that plague traditional cross-border payments: high costs, slow processing, and a lack of transparency. By using decentralized ledgers, blockchain claims to facilitate faster, more secure, and less expensive transactions.
“The change is particularly beneficial for companies that operate across multiple markets, as it allows for faster settlement times and reduced fees, thereby improving overall operational efficiency,” PYMNTS wrote.
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