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Blockchain Startup, Libra, Earns $15 Million in Series B Funding

New York-based blockchain startup, Libra, has raised $15 million from its recently concluded Series B funding round. The firm aims to provide full spectrum audit, tax, and fund administration services to cryptocurrency companies.

$24.8 Million in Funding

Provider of financial reporting services for cryptocurrency assets ecosystem, Libra, has raised $15 million in a series B funding. With the amount raised in the Series B funding, the company has successfully raised $24.8 million.

The New York-based company plans to use its new funding to further build out its core product, the Libra Crypto Office platform. It also plans to release new products and services later in the year. Further speaking on the company’s expansion plans for its clients, Libra founder, and CEO, Jake Benson, said:

Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors, and regulators. We are very excited our investors have affirmed their continued support for Libra with their contribution to our Series B raise. Their commitment allows us to expand our customer offerings, grow our team and increase our customer base.

This new round was led by Libra’s previous top investor, an anonymous multibillion-dollar European family office. It had continued participation from Liberty City Ventures.

The announcement comes closely after the company launched its new offering for fund administrators and the expansion of its customer portfolio. In July, blockchain startup also announced something in store for fund administrator customers. Fund administrator customers would be provided with timely information required to support the striking of daily net asset values (NAV).

Blockchain-based Auditing for Cryptocurrency Ecosystem

The New York-based blockchain startup, Libra, was founded in 2014. It is a pioneer in financial software for the blockchain and digital currency industry. The company delivers the leading middle and back office solution for the crypto asset ecosystem.

The company provides a system of record that automates and optimizes accounting, audit, and tax processes for funds, fund administrators, and exchanges. It also stretches to exchanges, trading operations, and enterprises. These top-notch solutions make sure of real-time visibility to crypto transaction activity and holdings for institutions that require security and scalability in reporting. Compliance and control solutions are also one of the perks that Libra provides.

In November 2017, the company unveiled its Libra Crypto Office. This enterprise eliminates the manual, inconvenient, and inefficient method of the back and middle processes, and automating the process instead. Formerly based in San Francisco, the company is now headquartered in New York.

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Binance (BNB) Partners Ethereum-Dependent Startup, Libra Credit, On Loans collateralized by BNB

Binance Lab, the investment section of the world’s largest cryptocurrency exchange, has made an undisclosed investment in Libra Credit, a decentralised cryptocurrency asset financial service firm.

The partnership will give room for BNB holder to have access to loans that are collateralised by BNB.

As part of the relationship, Libra Credit will lend fiat and crypto denominated assets to users who pledge BNB as collateral, a statement by Libra Credit has indicated.

Binance Labs, an arm of Binance, is a social impact fund which is saddled with the responsibility of incubating, investing and empowering projects, entrepreneurs, and communities that are affiliated with cryptocurrency and blockchain.

The purpose of the collaboration is to contain the growing global demand for liquidity of crypto assets based on the Ethereum blockchain.

The statement indicates that “Libra Credit aims to standardize distributed lending ecosystem which will expedite credit at anytime and anywhere, adding that, “users (on the platform) can collateralize their cryptocurrencies for credit in varying loan denominations”.

Ella Zhang, CEO of Binance Labs who spoke on the development said:

“The Libra Credit founding team has a wealth of experience and resources in financial services and payment solutions. They are committed to make long lasting impacts in the industry.”

In June, Binance Lab announced it was launching a $1 billion “Social Impact Fund” to expedite the growth of blockchain and cryptocurrency ideas.

The phases of the investments will receive $100 million each, making the incubator lab sick more incubators that it can invest in, which will then invest in ideas related to blockchain as well.

According to Binance, the first project to invest in was a blockchain-powered ride-hailing idea.

To achieve the incubation and mentoring process at Binance Lab, the startup has partnered with MIT Digital Currency Initiative, a leading organization in the open-source cryptocurrency space.

As well, it has collaborated with the Initiative for Cryptocurrencies & Contracts, IC3, an initiative of university faculty members who focus on Cryptocurrency & Contract.

Binance is looking up to partnering with more incubators firms to increase the growth and adoption of blockchain ideas the society.

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