Denver-based credit union consortium CULedger has achieved its goal of $10 million in Series A funding as it seeks to build a cross-border global distributed ledger platform.
First-ever pilot programme coming late this year
As reported in August 2018, it secured $8.5 million in this Series A funding round. Last year it planned to launch a pilot programme in late 2018.
In this latest development, CULedger says it intends to unveil its first-ever pilot programme late this year.
The idea is to use distributed ledger technology (DLT) to develop a platform that enables credit unions to enable self-sovereign identity for members through its flagship product, MyCUID.
“We are grateful the credit union community recognises the importance of self-sovereign identification and the innovative future of the digital experience,” says Julie Esser, chief experience officer of CULedger.
The majority of its investors are credit unions, “highlighting the market need, interest and support” for MyCUID.
In the funding last year, 32 investors contributed. Investors that have contributed since the initial announcement include Achieva Credit Union, FIS – second unit, and UNIFY Financial Credit Union – second unit.
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