R3 Consortium Member Closes $10 Million Funding Round for Blockchain ID Platform
R3 consortium member raises $10 million in a Series A funding round to launch a distributed ledger-based ID platform for credit union members.
United States-based credit union service organization CULedger has raised $10 million in a Series A funding round for its credit union-focused blockchain platform, according to a press release published Jan. 29.
The company, which is a member of R3’s global blockchain ecosystem, first announced its funding round and its goal of raising $10 million in October, 2017. According to the release, the now closed funding round included 40 investors, noting that the “majority of investors are credit unions.”
Following a successful round, CULedger will soon launch its flagship product, MyCUID. According to the project’s website, it is a distributed ledger-based platform that provides credit union members with a secure digital identity tool. MyCUID reportedly gives customers lifetime digital IDs that do not depend on any central authority and can be selectively disclosed.
CULedger will show a demo and share live use cases of MyCUID at CUNA's Governmental Affairs conference mid-March, the press release reports. Later in 2019, the company plans to launch its first pilot program.
As Cointelegraph previously reported, in December, 2018, CULedger joined R3 consortium, which is comprised of more than 200 financial services companies, tech firms, central banks, regulators and trade associations that use its enterprise-grade blockchain platform “Corda.”
Earlier in 2018, Canada's Large Credit Union Coalition (LCUC) — a group comprised of the chief information officers of the 16 largest credit unions in the country — also joined R3’s network. The LCUC claimed it wants to develop new technologies that would make Canadian credit unions more competitive.