Thursday, June, 13, 2024 09:54:49

Decentralized blockchain marketplace StreamSource  has reportedly hit a seed capital of $1 million (more than INR 7 crore) in a funding round led by Accel. As per reliable sources with the knowledge of the matter, the Quorum based private blockchain platform plans to deploy the capital to further advance its product, in conjunction with expanding its sales team in the United States and hiring resources across the UK and Australian markets.

In the face of the changing scenario concerning the blockchain, investors are getting increasingly attracted to fintech startups that have begun to leverage blockchain technology. Say for example, in 2018, blockchain-based payments platform OweMe, owned by the London-headquartered Sabstone Ltd, was able to raise close to $1 million in a seed funding round from pi Ventures. In another instance, in April 2018, the Mumbai blockchain startup firm – Elemential, was the patron of an undisclosed sum in  a round led by venture capital company Matrix Partners India. The same month also witnessed the ZPX – the Singapore-based blockchain firm, raising $1.3 million in a round led by SeedPlus.

Analysts claim that StreamSource’s seed capital round may have benefitted from this very trend that has been on the radar since the last couple of years.

Founded by Prerit Srivastava and Mayank Tewari in 2018, StreamSource helps lenders work together, ensure collaboration, while still enabling the non-dissemination of confidential information. Through the platform apparently, even borrowers are able to maintain total confidentiality while looking for the right lender. At the time of the final transaction, StreamSource also ensures that the borrower is given the opportunity to apply for loans from a single lender, though he may be liable to receive approval from numerous such vendors with just a single click.

Presently, Streamsource is working with mid-size lenders in the United States.