$22.5M Seed Funding Announced by Web3 Infrastructure Company Fortress Blockchain Technologies
- on Aug 09, 2022
Led by Ayon Capital, the funding enables Fortress to build and scale its financial, regulatory and technology infrastructure for Web3 innovators.
LA VEGAS, August 9, 2022 /PRNewswire/ — Fortress Blockchain Technologies announced today that it has raised seed funding from $22.5M led by Ayon Capital. The round also included Soaring Investment Management, founder of Fortress Scott Purcell, and a few select angel investors. Capital supports the Fortress team in building a transformative B2B infrastructure for the Web3 industry.
With a team of 84 full-time product managers and software engineers, one of the main goals of this B2B FinTech/BlockTech infrastructure company is the continuous development of Fortress technology initiatives for integrated and user-friendly NFT and crypto wallets, driven by API. and white-label minting engines for fungible and non-fungible tokens, and its proprietary core system for financial and trust services.
In addition to engineering, Fortress has invested heavily in its regulatory initiatives. This included hiring Albert Forkerformer Banking Commissioner (WY) and Chairman of the Conference of State Banking Supervisors as CEO of the company’s wholly owned subsidiary, Fortress Trust, and he successfully guided the company towards achieving a charter of trust and building a full stack of financial services including assets custody, payments, compliance, fiduciary, crypto-liquidity and other utilities needed by Web3 innovators.
Now entering the “go to market” phase of the startup lifecycle, funding is being deployed to build a world-class sales team. ryan millerpreviously Head of Sales at multi-billion dollar FinTech MX Technologies, joined Fortress as Chief Revenue Officer and is currently building a team of enterprise sales veterans across various verticals.
“The tokenization of information and assets via fungible and non-fungible tokens will transform the world” noted Scott Purcellfounder and CEO of Fortress,” and we look forward to helping Web3 innovators of all types, from Fortune 500 brands to FinTechs to next-gen startups with the financial, regulatory and technology infrastructure they need to build amazing businesses.”
“Through our significant investments in the crypto ecosystem, we are seeing firsthand the transformative effect blockchain has and will continue to have on all facets of society,” said Rahul Pagidipati of Ayon Capital” and as a fund our singular thesis is to only back world-class founders who have the vision and ability to execute, we are delighted to support Scott, Kevin, George and their team in this company.”
“Technological and societal paradigm shifts are ushering in Web3. Fortress is one of the essential elements of this next wave of the Web,” said Soaring Investment Management Director, Frank Zhang. “Fortress is positioning itself as the infrastructure partner of choice for celebrities, corporate brands, crypto exchanges, NFT marketplaces, real estate professionals, neo-banks, FinTechs, healthcare companies and others entering the space with their Web3 initiatives.”
The funding will allow Fortress to continue writing software, begin expanding its regulatory services globally, and build the sales and operations teams to support a wide variety of B2B customers across many industries.
About Fortress Blockchain Technologies
Fortress Blockchain Technologies is purpose-built to provide financial, regulatory, and technology infrastructure to the burgeoning Web3 space. The company offers financial services, including compliance, payments, custody, asset trustee, escrow, crypto liquidity and other services, as well as a minting engine for fungible and non-fungible tokens as well an NFT and crypto wallet that is secure, user-friendly and can be integrated into third-party mobile and web apps. Fortress Trust Company is a wholly owned subsidiary of Fortress Blockchain Technologies and is a full retailer Nevada-chartered financial institution.
SOURCE Fortress Blockchain Technologies
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