Alta raises $47.5 million Series A to build a blockchain for financial institutions

A startup named Alta has secured $48 million in a Series A funding round, led by Index Ventures, to develop a blockchain solution tailored for compliance in financial transactions. Alta's blockchain aims to differentiate itself with a plug-and-play compliance layer, enabling customers to ensure their transactions adhere to global rules and regulations.

The company's CEO, Loong Wang, previously founded a crypto startup which he sold in 2021, and later co-founded Alta, which has since rebranded from its original name, Metal. Wang's decision to build Alta was driven by his belief in the potential of blockchain technology for money transfers, despite the abundance of existing Layer 1 blockchains like Ethereum, Solana, and Avalanche.

Alta's unique selling point is its focus on privacy and compliance tools designed specifically for banks and large financial institutions. The company currently employs 25 people and has offices in San Francisco and Melbourne. Notably, Alta has strong ties to Airwallex, a global fintech giant, with CEO Jack Zhang being a personal friend of Wang.

Airwallex played a significant role in Alta's distribution, leveraging its extensive network of customers to promote the platform for crypto transactions. The Series A funding, totaling $47.5 million, also attracted participation from investors such as GV (Google Ventures), Blackbird Ventures, Square Peg, and Capital49, a venture firm established by Airwallex's co-founders.