Fractal, a Berlin, Germany-based blockchain technology looking to make ICOs compliant, has raised seed funding.
The undisclosed round of capital came from innogy Innovation Hub and coparion. It plans to use the funds to invest into its software solutions for ID and payment, with the aim of supporting open source blockchain projects receiving funding using an initial token launch.
?We want to serve entrepreneurs on their journey to build and fund open source decentralised protocols,says Fractal CEO Julian Leitloff. ?The seed round lets us invest in better tools to help them?.
Founded in October 2017, Fractal builds user-centric and compliant identity and payment solutions for the decentralised web and supports open source blockchain projects to fund the future ecosystem using an initial token launch.
Following the funding round, the company announced its plan to launch Fractal ID, which will be available as an open Authentication (oAuth) kit for web and app developers. Fractal ID will allow users to log in with one click and instantly share a custom slice of their ID data with a trusted transaction partner. The new solution follows Fractal participation in the recent ERC725 Alliance, which aims to establish an OpenID standard.
Fractal is already working with two partnering with two companies in innogy Innovation Hub Machine Economy portfolio, ScanTrust and BigchainDB.
?Our investment in Fractal fully supports our Machine Economy strategy which envisions a global economy where every analog asset????solar plants, charging poles and patents can be tokenized and traded,said Kerstin Eichmann, head of machine economy at the innogy Innovation ?We believe Fractal has the potential to enable this transition to a tokenized economy in a legal and safe way with their high-quality, end-to-end ICO Launchpad.p>
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