(Yicai Global) Dec. 26 -- Blockchain technology developer Shanghai Tower Chain Network Technology Co. has raised CNY6 million (USD916,000) in its angel round of funding and will use the proceeds for product upgrade and market expansion, online media outlet Lieyunwang.com reported.
Investors participating in the round include Guize Asset, Taoshi Capital and Beijing Bitmain Technology Co., which is the largest bitcoin miner and bitcoin mining pool operator in the blockchain industry.
Shanghai Tower Chain Network uses its self-developed blockchain and distributed ledger technologies to provide digital asset registration and settlement services for companies and social groups while ensuring that business data are trusted and secure. The company has achieved connections of data with a number of online industry platforms.
Blockchain is a type of distributed ledger technology that can help achieve information exchanges and value and business transfers among multiple entities, thus helping them cut collaboration costs and improve efficiency.
Yan Xiangxiang, founder of Shanghai Tower Chai Network, who worked for China UnionPay Co. for many years, is very familiar with financial infrastructure and products. "Distributed ledger enjoys great prospects. However, a trusted enforcement agency has not emerged yet in the era of data. We already have a blockchain service network that covers various public clouds and regions and is powerful enough to support our existing customers in terms of data growth over the next two years and beyond," he said.