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Tiger Global and a JPMorgan unit have joined a blockchain firm's funding round

 

Blockdaemon has received investment from JPMorgan Chase Strategic Investments and Tiger Global Management. Decentralized finance is a new frontier for traditional financial organizations. Nodes — the network's participants or devices like computers — are managed by the company, which connects business parties to blockchains. Over 40 blockchain networks are supported by Blockdaemon. As a result, it is widely employed by crypto platforms and businesses alike. According to Blockdaemon's CEO, Konstantin Richter, Blockdaemon's nodes have grown 2,000 percent year-to-date.

According to John Curtius, a partner at Tiger Global, the company's quick expansion was a factor in its attractiveness as an investment. Onyx by J.P. Morgan's blockchain division's chief executive officer, Umar Farooq, said the appeal was in its "multi-layered strategy." For regulatory and security reasons, Blockdaemon is looking to hire CISOs, compliance officers, and financial auditors. Anyblock Analytics, a German startup, was also acquired by the company on Wednesday. In order to support non-fungible tokens, Anyblock will assist Blockdaemon.

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