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Sidechain-as-a-Service platform Horizen Labs raises $4 million in seed funding from Digital Currency Group, Liberty City Ventures

Carol Gaszcz
Blockchain platform Horizen Labs announced it has received $4 million of seed money, twice the amount it originally planned. It has found Digital Currency Group and Liberty City Ventures among its investors. The post Sidechain-as-a-Service platform Horizen Labs raises $4 million in seed funding from Digital Currency Group, Liberty City Ventures appeared first on The Block.

Blockchain platform Horizen Labs announced it has received $4 million of seed money, twice the amount it originally planned. It has found Digital Currency Group and Liberty City Ventures among its investors. 

Horizen is working on a Sidechain-as-a-Service platform, enabling businesses to create their own blockchains. This way, they retain “complete control of their digital footprint,” deciding upon the privacy solutions they use. It enables private conversations with others and is aiming to provide its users with a platform to publish information privately.

“We have seen considerable demand from customers and businesses for custom blockchain solutions that are not expensive and time-consuming to build,” said Horizen Labs CEO Robert Viglione. The Sidechain-as-a-Service platform will provide Horizen customers with the "high-level security of Horizen, a privacy-focused blockchain platform with the largest node network in the industry," Viglione said. 

The company is planning to pilot design partnerships with enterprises looking into blockchain implementation.

According to Barry Silbert, Founder and CEO of Digital Currency Group, “Horizen Labs provides a seamless way for businesses to incorporate customized digital ledger technology into their operations, removing a significant barrier to blockchain adoption and advancing the industry as a whole."