Chain Issues Investor Shares on Nasdaq Blockchain Platform
Blockchain startup Chain has issued shares to an investor using Nasdaq’s private markets blockchain solution, Linq.
Blockchain startup Chain has issued shares to a private investor using Nasdaq’s recently launched private markets blockchain solution, Linq.
In statements, Nasdaq called Chain the first company to complete and document a private securities transaction with its Linq technology, a development the company and CEO Bob Greifeld termed a "major advance" for the blockchain industry.
For the transaction, Chain used the Linq platform to issue a record of ownership in the company to its new investor, while benefiting from what Nasdaq said was a reduced settlement time. No details were provided on the size of the investment or whether this funding was part of the company’s recent $30m Series A or a separate fundraising.
First announced in May and unveiled in October, Nasdaq's Linq proof-of-concept uses blockchain tech to manage the issuance of shares in pre-IPO companies. ChangeTip, Chain, Peernova, Synack, Tango and Vera are serving as the initial test group for the offering.
Nasdaq used the announcement to further discuss the big-picture implications it believes the blockchain could bring to financial services as the technology matures.
Nasdaq is, however, one of a number of players seeking to launch blockchain products aimed at the private equities market.
Investment image via Shutterstock
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