New Street Technologies, a blockchain-tech enabler, said it has raised $4 million funding from Vittal Kadapakkam and existing investors including Unitus Ventures and Mohit Davar, chairman of International Association of Money Transfer Network.
“Blockchain is to ‘processing’ what the internet is to information. New Street has leveraged blockchain’s unique ability to democratise transaction processing and has already demonstrated its transformational impact in the BFSI sector,” Sajeev Viswanathan, founder and CEO, New Street, said.
To date the company has raised $5.5 million in funding. The startup said it is also in talks with multiple central banks to develop BCT ecosystems for the BFSI sector in their countries.
Ramamoorthy, partner at Unitus Ventures, said, “We believe that blockchain technology in banking is like the internet boom in the 90s. This technology explosion will transform the functioning of banks, especially with initiatives undertaken by the RBI.”