Singaporean blockchain development company Hashstacs (STACS) announced the completion of its US$ 3.6 million (S$ 4.8 million) pre-Series A funding round, bringing its fundraising total to more than US$ 6 million (S$ 8 million).
The fundraise led by Wavemaker Partners is a prelude to STACS’ Series A funding round, which will commence on a larger scale later this year.
The round was also joined by the Tribe Accelerator, a Singapore government supported blockchain innovation and education accelerator, and Stellar Partners adding on to their initial investment. STACS was an alumni of Tribe Accelerator batch three in 2020.
The fundraising propels STACS forward in its key plans to expand its ecosystem of global financial institutions on its sustainable and Environmental, Social, and Governance (ESG)-enabling technology infrastructure. The announcement comes in line with Earth Day 2021 this week.
Recently STACS had announced collaborations with leading institutions like Deutsche Bank, BNP Paribas, Eastspring Investments, Bursa Malaysia, EFG Bank, and Bluecell Intelligence.
Having implemented its real-time trade processing platform live with Eastspring Investments and BNP Paribas Securities Services in 2020, and reduced trade breaks for both institutions by more than 90 percent, STACS has since leveraged its same core patent-pending blockchain technology to launch GreenSTACS, an industry-wide ESG financing technology infrastructure that supports effective green and sustainability-linked loans and bonds.
Ray Ferguson
Ray Ferguson, Chairman at STACS said,
“In Europe, about 6 per cent of trades fail to settle, resulting in €35 billion in penalties annually. This is all wastage – wasted time, wasted money, wasted carbon footprints – that we at STACS are committed to addressing through our distributed ledger technology.
Innovating our way out of these problems is vital if we are to deliver a green and sustainable future for financial services.”
Featured image: Ray Ferguson, Chairman of STACS
