- Clear announced an investment of $13 million Series A to develop tools and integrate the new updates to make the platform more natural.
- The investment procedure was done in the presence of telecommunication companies
- The initial release of the update of Blockchain technology in the system functions is expected to be in the latter half of this year.
Clear is a start-up company with motivated aims to build a Blockchain-based transaction platform in higher volumes. For the same project, it announced an investment of $13 million Series A to develop tools and integrate the new updates to make the platform more natural.
The investment procedure was done in the presence of telecommunication companies such as Eight Roads, Telefonica Innovation Ventures, Telekom Innovation Pool of Deutsche Telekom, HKT and SingTel Innov 8.
This is not the first time that Clear has investors from the telecom background; previously, it conducted transactions for the telecom industries, including the offshore payments. The present development is aided to help the present ongoing commercial contracts and convert them into digital ledgers and smart contracts.
With the implementation of Blockchain technology in cross border payments and creating smart contracts, the efficiency of detecting any errors and issues regarding the issues is now time-saving. It can be detected within the transaction time compared to the previous method of waiting until he needs the month to address the issues.
Blockchain also helps in easy auditing synced on both receiver and sender side with top cryptographic levels. The start of the testing of the Blockchain is a good move with the telecommunications companies as they have connections worldwide and the efficiency of the Blockchain can easily be assessed with these large connections and wider transactions.
As this stage is still in the process of development, the large scale functioning will show the large scale results planned. The present investment will guide the company into carrier-grade production and utilization of the Blockchain technology.
The initial release of the update of Blockchain technology in the system functions is expected to be in the latter half of this year. With the helping fund in place, Clear is aiming to reach global expansion and beyond the telecommunication sectors.
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