BlockCypher collects over $3.1 mln seed

San Mateo, California-based BlockCypher, a block chain web services startup, has secured over $3.1 million in seed funding. The investors in the round included Foundation Capital, New Enterprise Associates, AME Cloud Ventures, Tim Draper, Upside Partnership, Streamlined Ventures andFenox Venture Capital.

SAN MATEO – January 14, 2015 – BlockCypher, the block chain web services company, announced today it has raised over $3.1 million in an over-subscribed seed funding round. The funds will be used to expand geographic coverage, continue building innovative block chain services, and provide deeper analytics. BlockCypher is also announcing the release of an open-source block explorer to showcase four different cryptocurrencies: Bitcoin, Litecoin, Dogecoin, and BlockCypher Testnet.

“Most of the time in software you see improvements or iterations on existing frameworks but very seldom do you see brand new technology like block chains,” said Catheryne Nicholson, CEO and Co-founder, BlockCypher.

BlockCypher Web Services enable developers to easily build, monitor and secure all block chain applications. They dramatically reduce barriers in building Bitcoin applications and foster block chain innovations which benefit the whole ecosystem. Currently, BlockCypher processes half a million events per day and they have customers spanning the world. One of BlockCypher’s signature products, zero-confirmation confidence factor, allows the processing of Bitcoin transactions within seconds instead of hours.