Today Settlemint, the blockchain development firm that focuses on enterprise use cases, said it received an undisclosed amount of financial backing from The Hashgraph Group (THG), which is affiliated with the Hedera DLT. Settlemint already supports at least eight blockchains, and will add an integration with Hedera as well.
One of Settlemint’s products is middleware that abstracts the details of the DLT and aims to make it faster to develop solutions.
The latest funding follows a $16 million Series A raised in 2022. Many of Settlemint’s solutions have focused either on supply chain or finance. For example, it developed a supply chain traceability solution for AB InBev, the beer company that owns Budweiser, Stella Artois and Corona. It helped Belgium’s KBC Bank with tokenized bonds. And more recently it has been working with Sony Bank to trial a stablecoin on the Polygon blockchain.
A focus on enterprise DLT
Amongst public DLT networks, Hedera is one of the most enterprise focused, with more than 30 governing council members including IBM, Google, Nomura, Standard Bank and Worldpay.
Hedera has half a dozen affiliates which support the Hedera ecosystem often using generous Hedera HBAR token allocations. Some are more marketing and funding oriented. The Hashgraph Group emphasizes venture building and enterprise solutions. It has a Hashgraph for Enterprise (H4E) product suite which it plans to integrate with Settlemint’s platform.
“We are leveraging this investment to accelerate the deployment of cutting-edge blockchain solutions on Hedera that meet real-world challenges, especially in critical areas like finance, supply chain traceability, sustainability, and data integrity,” said Matthew Van Niekerk, CEO and Co-Founder of SettleMint.
While Bitcoin investors are sitting on profits of more than 40% since the U.S. election, Hedera’s HBAR has been on a wilder ride. Currently it is showing gains of more than 400% since the election, down from 600% last week.
Update: An earlier version of the article incorrectly stated that Settlemint worked with KBC on the Kate Coin.
