Business-to-business (B2B) payments network CoreChain Technologies has secured $1.25m from a pre-seed funding round.
The investment round saw involvement from Ulu Ventures, Connecticut Innovations, New Form Capital and Bloccelrate VC.
Launched in 2020, CoreChain uses enterprise blockchain technology to power B2B payments and financing and streamline the manual process and reconciliation while also lessening fraud.
The firm also develops lending opportunities to finance the working capital that is held in invoices and offers exchanges with other cryptographic currency networks like Ethereum.
CoreChain has processed over $300m in B2B payments to date and claims it is the only network built for scale and security on enterprise blockchain to streamline the exchange of B2B payments transaction data and funds.
According to CoreChain, it intends to use the newly acquired funds to accelerate enterprise customer adoption and expand its payments and financing network.
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