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Lightnet receives $31.2m in series A funding for Asian blockchain financial mobility network

Thailand-based
fintech firm Lightnet has raised $31.2 million (£23.9m) in a series A funding
round led by UOB Venture Management, Seven Bank, Uni-President Asset Holdings,
HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha
Investment and Securities.

The
raised funds will be used to fortify the company’s investment in the underlying
blockchain technology on the Stellar Network, and to build a next-generation
financial mobility network.

Lightnet
CEO Suvicha Sudchai said: “Lightnet is offering three innovative solutions,
BridgeNet, LiquidNet and SmartNet. The main platform has been completed, and
the first transaction is slated for Q1 2020. In addition to the potential
500,000 cash agents across our ecosystem, Lightnet will integrate with several
renowned payment and remittance partners such as MoneyGram, Seven Bank, Yeahka,
Ksher across Japan, South Korea, and several other South East Asia nations to
ensure successful activation of our ecosystem.”

Tridbodi
Arunanondchai, Lightnet’s vice-chairman, said: “It’s vital that we build an
ecosystem to provide Lightnet access to our partners’ vast user base and
facilitate deeper penetration into local markets. We project that within three
years, Lightnet will facilitate over $50 billion worth of annual transactions
through our industry- leading partner network.”

Earlier this month, Washington D.C-based blockchain services firm Securrency secured $17.65m in series A funding round led by New York-based WisdomTree Investments as a strategic investor. By investing and collaborating with Securrency, WisdomTree is planning to integrate its blockchain technology into the exchange-traded fund (ETF) ecosystem to bring the benefits of ETFs to a wider range of investors and improve the investor experience. Last December, New York-based blockchain as a service (BaaS) solution provider Horizon raised $5m in its series A fundraiser to further enhance the operations of its proprietary technology.

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