Chronicle, a provider of blockchain data specializing in tokenized assets, announced on Tuesday that it has successfully secured $12 million in a seed funding round.
The funding round was spearheaded by Strobe Ventures, previously recognized as BlockTower Capital. Notable participants in this investment include Galaxy Vision Hill, Brevan Howard Digital, Tioga Capital, and Fenbushi Capital, along with prominent angel investors from the crypto space, such as Rune Christensen (founder of Sky/MakerDAO), Andre Cronje (creator of Sonic and Yearn), Stani Kulechov (founder of Aave), Mark Phillips (co-founder of Steakhouse), and Sam MacPherson (co-founder of Phoenix Labs).
Chronicle functions as an oracle network, providing real-time verification of data for tokenized financial products. Since its inception in 2017, it has facilitated over $20 billion in total value secured (TVS) and is enhancing its infrastructure to accommodate growing demand. The firm has recently launched its “Verified Asset Oracle,” designed to authenticate off-chain assets for firms like Centrifuge, Superstate, and M^0.
“As financial institutions ramp up their tokenization efforts, Chronicle’s reliable data infrastructure delivers the compliance and dependability that these entities need,” stated Thomas Klocanas, general partner at Strobe Ventures.
There is an increasing need for real-world asset (RWA) tokenization as global banks and asset managers take advantage of blockchain technology for transferring traditional financial instruments. Experts predict that the market for tokenized assets could reach trillions of dollars by 2030, according to reports from various consulting firms.
Chronicle seeks to leverage this growing interest by bridging off-chain data with blockchain-based assets, ensuring data security, auditability, and cost-effectiveness through a network of validators, which includes both established financial data providers and crypto-native organizations like Sky, formerly known as MakerDAO.
The company intends to utilize the newly raised funds to enhance product development, broaden partnerships, and fortify compliance initiatives, solidifying its position as a connection point between traditional finance and digital assets.
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