Alta raises $48 million for its compliance-focused blockchain in Series A round led by Index Ventures - Fortune
Alta, a startup building a blockchain for financial institutions, has raised $47.5 million in a Series A round led by Index Ventures.
Financial firms seeking to use blockchain for money transfers have many options, including Ethereum, Solana, and Avalanche. Alta, however, is attempting to differentiate itself by building a new Layer 1 blockchain tailored to the needs of banks and large corporations.
The startup announced on Tuesday that it has secured $47.5 million in a Series A funding round led by Index Ventures. The round also included GV, Blackbird Ventures, Square Peg, and Capital49, a venture firm founded by Airwallex's co-founders.
Alta's platform is designed to stand out with a plug-and-play compliance layer that allows customers to ensure their transactions comply with global regulations. The company recently rebranded from its original name, Metal, and is led by CEO Loong Wang, a former crypto entrepreneur who sold his first startup in 2021.
Focus on compliance and privacy
Wang explained that Alta’s blockchain includes features designed to address the unique needs of financial institutions. One key feature prevents random users from sending funds to addresses on the blockchain, a capability that most existing networks lack.
“We often say we wouldn’t have built an L-1 if we didn’t have to,” said Wang.
Wang noted that none of the existing blockchain options provide a set of privacy and compliance tools specifically designed for banks and other large financial players. Alta aims to fill this gap with its specialized infrastructure.
Strategic ties to Airwallex
Alta has strong ties to the Australian fintech giant Airwallex, which is also a major investor in the company. Airwallex is serving as a distribution channel, persuading its global network of customers to use Alta’s platform for crypto transactions.
The relationship between Alta and Airwallex is also personal, with CEO Jack Zhang and Loong Wang having a close connection. Zhang, who was initially a crypto skeptic, has recently acknowledged the value of stablecoins for efficient money transfers.
“With the rise of agentic banking and programmable payments, stablecoins are becoming an important vector for settlement,” said Zhang.
Alta’s growth comes at a time when its main rivals, including Stripe and its Tempo blockchain, are also expanding their crypto infrastructure. The startup now has 25 employees and offices in San Francisco and Melbourne.
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