Lightnet, a Bangkok-based blockchain fintech, raised $31.2 million in a Series A round led by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.
The round was significant as Lightnet received financial backing from six major conglomerates in Asia. The company is building a blockchain payments system for low-cost and fast remittances in South East Asia.
The platform leverages the
Velo Protocol, which enables digital credit issuance and cross-border asset transfers. Users of Lightnet can effectively transfer money by converting it to a Velo token, which is then transferred to the recipient and turned back into the local currency.
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