Indiana-based blockchain firm Simba Chain, which has worked with the U.S. military on various projects in recent years, has received a $30 million increase in funding.
The U.S. Air Force (USAF) has granted Simba Chain a $30 million strategic funding increase (STRATFI) as part of its aims of "identifying and advancing technologies that have the potential to secure its future dominance," according to an announcement on Tuesday.
The $30 million STRATFI therefore demonstrates a substantial increase in investment into Simba Chain, possibly reflecting the growing potential the U.S. military sees in blockchain technology to secure supply chains for weaponry and other equipment.
CORRECTION (Feb. 7, 16:10 UTC): Corrects spelling of company name in headline.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.