PARTICIPANT OF R3 DREW $10 MILLION ON DEVELOPING DIGITAL ID BLOCKCHAIN PLATFORM

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Association of credit unions, CULedger included in the R3 consortium, has closed a financing round of Serie A, which could attract investment of $10 million for the development of a blockchain digital identifier.

CULedger, which is a member of the R3 global blockchain ecosystem, first announced plans to raise $10,000,000 in funding in October 2017. According to the press release, 40 investors took part in the round of financing, noting that “the majority of investors are members of credit unions”.

Soon, CULedger plans to launch its flagship product — MyCUID. According to the website of the project, MyCUID is a distributed registry that provides members of credit unions a reliable tool for digital identification. MyCUID reportedly provides customers with lifetime digital identities that are independently distributed by a decentralized system and can be selectively disclosed to other participants.

CULedger intends to hold a demonstration of the project at the conference CUNA Governmental Affairs in mid-March. Later, the company plans to conduct a pilot launch.

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