Today, Lygon, the blockchain-based bank guarantee platform backed by three of Australia’s biggest banks, ANZ, Westpac and Commonwealth Bank of Australia, said it raised a A$12.75m ($9.4m) oversubscribed funding round. Lygon was incorporated in late 2020, with the three banks as shareholders alongside the developer IBM and shopping mall company SCENTRE.
According to the Australian Financial Review, ANZ led the latest round, with up to 25% of the funding coming from staff, friends and family.
Bank guarantees are often required when organizations rent properties, ensuring that the rent will be paid even if the tenant cannot. Lygon digitizes the process, which has several advantages. It’s much faster and more efficient. In other countries, such as Italy, there have been significant problems with fraudulent guarantees where blockchain provides a solution by enabling authentication with digital signatures.
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