Chinese blockchain company Ultrain raises $20m from VCs, crypto funds

Cryptocurrency mining machines sit in operating racks at the home of Dmitry Gutov, a Russian cryptocurrency 'miner,' in Krasnogorsk, Russia, on Thursday, Sept. 7, 2017. Photographer: Andrey Rudakov/Bloomberg

Ultrain, a public-blockchain technology venture from China, has raised an investment round of $20 million from a number of venture capital firms and crypto funds including Danhua Capital (DHVC), Sky9 Capital, FBG Capital, Ceyuan Venture and 8 Decimal Capital, the company said in a release.

With the latest financing, Ultrain’s valuation has reached $200 million.

Ultrain was previously backed by Morningside, Bluerun Ventures, Aplus Capital and DraperDragon.

“Ultrain supports a variety of potentially large-scale business applications through an innovative consensus mechanism coupled with a developer friendly and efficient smart contract engine. At the same time, its capital and business resources on the global scale can support the future blockchain applications,” said Vincent Zhou, founder of FBG.

Ultrain was co-founded by Ray Guo, former director of Alibaba Security Unit, Emma Liao, former managing director of Golden Brick Capital and William Li, former technical director and chief architect of Ant Financial Blockchain team, in 2017.

The team has already set up 15 international community hubs across New York, Silicon Valley, and Munich to help bridge conventional businesses to a decentralized blockchain platform and expand the scope of market.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.