Singapore-based fintech Hashstacs Pte (STACS) has raised $3.6 million (£2.6m) in pre-series A funding to develop blockchain platforms that can work with financial institutions’ existing infrastructure.
The round was led by Wavemaker Partners, which focuses on enterprise and deep tech companies in Southeast Asia, with participation from the Tribe Accelerator, a program for blockchain startups with support from the Singaporean government.
Since being founded in 2019, STACS has raised more than $6m (£4.3m) in pre-series A funding. The company seeks to improve interoperability within the technological systems used by financial institutions and prevent common issues like a build-up of transaction fees and fines for failed trade settlements.
Its core solution is a technology stack that is built around the STACS blockchain, allowing clients to integrate payment platforms and external software like user management systems, while enabling smart contracts and digital ledgers.
In a press statement, Wavemaker general partner Gavin Lee said there was ‘an immense opportunity to help financial institutions process large volumes of trade more quickly, securely and accurately while reducing costs and illiquid capital.’ “As an enterprise distributed ledger technology provider, STACS has productized a secure layer that can be deployed instantly above existing infrastructure,” Lee added.
Also in recent funding news, TeraBlock has raised $2.4m (£1.7m) to build a beginner-friendly crypto exchange with automated investment capabilities.
TeraBlock has a collaboration with Binance Cloud, meaning the solution will have access to all of Binance’s liquidity and tokens. Additional features like user registration, know-your-customer, and anti-money laundering checks will also be performed through the collaboration with Binance.