Transparent Financial Systems, a cryptographic payment settlement network, formally announced the close of a $14-million Series A funding round led by Pantera Capital with participation from Square Inc. (NYSE: SQ) and others on Wednesday.
Founded in 2018 at Vulcan Inc., Transparent Systems is an independent entity with the aim of transforming the traditional cash settlement process.
“We are building a new, cryptographically secure, real-time settlement solution that removes transaction costs and friction associated with traditional payment rails,” Transparent CEO Alex Fowler said in a statement to The Block regarding the development.
“Our decentralized network eliminates single points of control that hold back current financial systems and solves for settlement time constraints and money spent on transaction fees.”
The funding is expected to accelerate Transparent's product development and team expansion and help add to its product portfolio, which is utilized by leading financial services providers in the United States.
“Square believes that blockchain represents a path towards a more robust, safe, and empowering future for all participants in the economy – from individuals to businesses,” Mike Brock, a strategic development exec at Square's Cash App, said in a statement.
“We are excited to work with Transparent Systems to bring that vision to the financial system.”