Alta raises $48 million for its compliance-focused blockchain in Series A round led by Index Ventures
The new round, which was led by Index Ventures, comes after the startup raised $32.5 million in seed funding backed primarily by the Australian fintech giant Airwallex, which is taking on Stripe and others in the global payments space.
Key points
- “We often say we wouldn’t have built an L-1 if we didn’t have to,” said Wang, noting that Alta’s features include one that prevents random people from sending funds to those with an address on the blockchain.
- “With the rise of agentic banking and programmable payments, stablecoins are becoming an important vector for settlement,” said Zhang in a statement announcing Alta’s latest funding round.
- Wang returned to crypto technology to found Alta, which recently rebranded from its original name of Metal, alongside former Meta executive Catherine Porter, who helped oversee the company’s since-abandoned crypto venture.
Also participating in the Series A funding round were GV (Google Ventures), Blackbird Ventures, Square Peg and Capital49, a venture firm established by Airwallex’s cofounders.
On Tuesday, Alta announced it has raised a $47.5 million a Series A round at an undisclosed valuation.
Additional details
- In an interview with Fortune, Wang explained that, even at a time when there are a multitude of so-called Layer 1 blockchains, he chose to build another because he believes blockchain is the best technology for transferring money.
- The chain seeks to stand out with its plug-and-play compliance layer that lets customers ensure that any transactions they process are consistent with rules and regulations anywhere in the world.
- That hasn’t deterred a startup called Alta from trying to lure banks and big companies with a blockchain of its own.
- The CEO of Alta is Loong Wang, who founded an earlier crypto startup that he sold in 2021, and then pivoted to a second startup that employs quantum computing to aid in drug discovery.
- Airwallex is also serving as a massive distribution channel for Alta, persuading its global network of customers to use the startup’s platform for crypto transactions.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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