[2016-09-27] Juzhen Raises $23 Million to Bring Blockchain Post-Trade to China

Juzhen Financials, a startup led by China UnionPay veteran Lilin Sun, has raised $23m (¥153m) to develop clearing and settlement solutions based on distributed ledger technology.

The Series A funding was led by Wanxiang Holdings and included support from its blockchain-focused investment subsidiary Fenbushi Capital. The funding marks the largest investment round raised yet by an Asia-based blockchain startup, CoinDesk data reveals.

As a result, the Shanghai-based startup becomes one of the best positioned blockchain firms to seek to collaborate with banking incumbents on solutions for post-trade, with its potential market including broker-dealers, custodian banks, clearinghouses and exchanges.

But while Juzhen’s goals are similar in intent to other international firms including New York's Digital Asset Holdings and London's Clearmatics, Lilin noted that he believes China is in need of its own solutions provider.

http://www.coindesk.com/juzhen-financials-blockchain-23-million-series-a/

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