Major investment in start-up SettleMint

KPN Ventures, the venture capital investment arm of KPN, is investing €1.9 million in the Belgian start-up called SettleMint. Thanks to substantial investment from other companies too, SettleMint has now raised a total of €5.5 million in funding. SettleMint offers companies access to its blockchain platform, thus simplifying the use of blockchain in business processes.

The popularity of blockchain continues to grow and there are numerous examples of businesses experimenting with blockchain technology for supply chain management. Not all companies are able to set up their own blockchain projects, however, which is why many of them currently opt for outsourcing. SettleMint’s middleware software offers an alternative solution by eliminating a lot of complexity and making it easier for developers to work with blockchain.

SettleMint – started by Matthew Van Niekerk (pictured right) and Roderik van der Veer (left) – plans to use the funding to capitalize on the increased interest in blockchain and distributed ledgers among both public-sector and private-sector organizations. In the years ahead, the company expects blockchain technology to become a fully-fledged part of IT infrastructures and architectures.

Over 30 use cases developed by SettleMint

According to SettleMint, it has developed over 30 use cases for the public and private sectors, some of which have progressed beyond the laboratory phase and are already in production. These include EnergyMint, a peer-to-peer transaction network for energy markets, and a proof of concept with Standard Chartered which entails tokens being programmed in a blockchain to increase the security of financial markets in Asia, Africa and the Middle East.