Blockchain startup Chain has issued shares to a private investor using Nasdaq’s recently launched private markets blockchain solution, Linq.
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.
Greifeld stated:
Nasdaq is, however, one of a number of players seeking to launch blockchain products aimed at the private equities market.
Investment image via Shutterstock