BlockApps has raised $41 million in a new funding round that will help the blockchain firm bring more real assets, such as agricultural and energy products, to its blockchain, according to a press release on Tuesday.
BlockApps helps businesses bring more transparency and traceability to their operations. The company helps run business networks on its STRATO blockchain product, which is compatible with Ethereum. BlockApps plans to use the funds to hire more staff and help more Fortune 500 companies, as well as startups, use its blockchain network.
The financing round was led by Liberty City Ventures, with participation from ConsenSys, Morgan Creek Digital and Eidetic Ventures, among others.
"[BlockApps is] solving some of the world’s biggest challenges and causing industries to rethink what’s possible with blockchain technology – especially when it comes to navigating the complexities of today’s sustainability challenges and supply chain issues," Murtaza Akbar, founding partner at Liberty City Ventures, said in the press release.
In the past, BlockApps has used its blockchain application to track the lifecycle of food and agriculture products, as well as for carbon data management. It has worked with Amazon, crop protection company Bayer Crop Science and Blockchain For Energy, an association of large energy companies.
New York-based Liberty City Ventures has lately been pouring money into the crypto industry. It co-led crypto custody provider Hex Trust's $88 million funding round with Hong Kong-based venture capital company Animoca Brands in March.
BlockApps raised $9 million in a previous funding round.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.