Swedish banking giant SEB has joined a $4 million Series A funding round for Danish blockchain payment service provider Coinify.
The bank's venture capital arm was joined in the round by Seed Capital Denmark, boosting Coinify, which claims to be the largest facilitator of blockchain payments in Europe, supporting more than 20 PSPs and reaching over 100,000 online businesses.
Recently the startup also secured the backing of local payments company Nets, with the pair building a development lab that will work on developing distributed ledger-based products and services.
David Sonnek, head, SEB Venture Capital, says: "Coinify has developed a unique platform for blockchain payments and fits perfectly in our portfolio of FinTech investments. We at SEB Venture Capital really look forward to contribute to Coinify’s future development."
Mark Højgaard, CEO, Coinify, adds: "The fact that our current investors are joined by a classic, yet very visionary bank dating back to 1856, sends a strong message to both the banking and the blockchain communities. We plan to use this investment to sustain our leading position in Europe and expand our blockchain payment and trade products into Asia.”