Chinese blockchain technology company Cryptape closes Pre-A round financing with CMB International Capital as investor

HANGZHOU, China, March 1, 2018 /PRNewswire/ -- Cryptape Co., Ltd., a China-based firm specialized in blockchain technology, announced that the company had successfully completed its Pre-A round financing at the end of 2017, with China Merchants Bank Co., Ltd.'s wholly-owned subsidiary, CMB International Capital Corporation, as a lead investor.

Cryptape launched its proprietary enterprise-class blockchain platform that it had developed in-house, Cryptape Inter-enterprise Trust Automation (CITA), in July 2016 and made the CITA source code available worldwide in July 2017. CITA established itself as a genuinely reliable enterprise blockchain platform after developers across the globe had taken a serious look with a full spectrum of tests. This platform, the world's first blockchain framework that addressed the issue of and enabled micro services and logic nodes, provides solutions that improve performance significantly, an issue that has been an industry-wide bottleneck for years. CITA's high scalability and customizability has received industry wide positive responses.

Cryptape CEO, Jan Xie was formerly the sole Chinese member of Ethereum's research team. He took part in the public blockchain design and prototyping of research results. Cryptape's advisory board includes Ethereum founder Vitalik Buterin, ACM fellow Robert Van Renesse, IC3 co-director Elaine Shi and cryptographer Rafael Pass.

In 2016 Cryptape started taking part in the development of technology supporting China's state-level blockchain applications. Since early 2017, CITA has shown that it performs well in the production environment of financial systems for a number of high profile financial institutions.

"China Merchants Bank is a technology-driven financial institution," said Zhou Tianhong, general manager of the IT department at CMB. "Combining blockchain technologies and finance will give full play to the industry. We all believe blockchain is a mechanism that can create trust, which, in turn, can effectively deliver value on the internet. The essence of finance is value creation and management, and we look forward to close strategic cooperation between the two parties through the investment, bringing innovations in the field of finance."

Wang Hongbo, chief investment officer at CMB International Capital, commented, "Our logic for investment in blockchain is very simple. The first aspect we attach importance to is value: in an industry in which speculation is rampant, we can only create value by adhering to the true definition of values. The second is that Cryptape is an international team consisted of the most outstanding researchers and engineers globally, the team is at the forefront of the technology innovations in global landscape. The third is the team's expertise at product delivery. We are very pleased with our opportunity to invest in Cryptape. In an environment in which it is often hard to distinguish the good from the bad, Cryptape's team is, to quote a Chinese expression, 'like a clear stream'."

Jan Xie, CEO of Cryptape, said when commenting on its next plan, "Cryptape has been focused on blockchain technology for years. The firm has accumulated rich experience and many technical achievements during the long period of research and development. By adopting an innovative approach, we have made substantial breakthroughs on permissioned blockchain, earning a good reputation in the industry. As a team interested in broader blockchain technology, we have done a lot of research in the domain of the public chain too. Going forward, we hope to take full advantage of and integrate our achievements and experience in research and development, so we can make further achievements in the public chain and integrate our blockchain networks into a whole. For applications, we plan to integrate industry resources and help more companies secure new business opportunities through blockchain networks, creating more value for society via the deployment of blockchain technologies."

SOURCE Cryptape Co., Ltd.