Galaxy Digital invests $5.25 million in Bison Trails
Bison Trails took a huge step in moving from startup company to future player in the blockchain world when they received a $5.25 million investment from Galaxy Digital. The investment came just four days after Bison Trails announced that they would be raising money to get the startup off the ground.
The March 15 announcement was intended to raise the necessary seed money to reach the company’s ultimate mission. The goal at Bison was to create blockchain technology that could provide a safe and effective infrastructure across a group of decentralized networks. This would, in essence, provide a form of centralization.
Michael Novogratz and Galaxy Digital were not the only well-known companies investing in the startup. Also investing money in the venture were Accomplice, Distributed Global, Charge Venture, Homebrew, Initialized Capital, and Notation Capital, however, the bulk of their seed money came from Galaxy Digital.
How the money will be used is not exactly specified, but the goal since the start has been to create blockchain technology that is decentralized and far easier to access. What Bison Trails hopes to accomplish is to provide support to their clients who are looking to develop nodes using the blockchain technology. This will provide validation for platforms contained within the system, ensuring that they are secure against various forms of attack.
In addition, Bison is looking to provide staking services as well. In fact, this was one of the key aspects of their endeavors that was highlighted in the press release and is one of the reasons why many were willing to invest in the startup.
Staking has become a key interest in blockchain technology. Staking provides a validation of transactions, creating new blocks and also distributing new coins, all features that those in the financial and banking industries want to see reach a higher degree of success.
It is believed that what separates Bison Trails from others attempting to provide this kind of technology is that they have already developed an infrastructure that will launch a secure and geographically distributed node on any network that is participating in the blockchain technology. This will enable a wide array of tools, including staking, validating, transacting, and securing all of the protocols.
Bison is excited about the prospects of what the future holds. “The infrastructure that we’re building today will pave the way for an entire generation of new decentralized companies, services, and participants to access blockchain economies and networks.”
To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, please sign up for our mailing list.