ShowPay, a China-based blockchain enterprise from the Bitcoin SV (BSV) ecosystem, has announced the completion of an angel funding round of $1.5 million. Moreover, the funding will be used mainly for the development of the global distributed ID system MetaID. The investment round was led by Jinghe Investment, a subsidiary of China Lantian Corp., with participation from another unnamed VC firm.
ShowPay Raises Funding of $1.5 Million
As revealed in the announcement release, the funding amount will be mainly used for three developments. Firstly, it will be used for gearing up on the research and development of MetaID based on BSV. Secondly, the establishment of a non-profit to promote funding for the adoption of MetaID. Thirdly, a team will be expanded for further expansion.
According to the chairman of Jinghe Investment, Mr. Gong:
“Blockchain, it is impossible to usher in the large-scale popularization of blockchain applications. I am very optimistic about the MetaID being built by the ShowPay team. I believe that MetaID will become the largest global ID scheme on the blockchain in the next five years, and will become the most important infrastructure of the next-generation Internet. We will continue to invest in important infrastructure blockchain projects.”
China Is Realizing the Value of BSV
Jinghe Investment company has relations with China’s state-owned assets. Jinghe mostly invests in industrial projects and this is the first time that they have invested in a blockchain project.
ShowPay is a blockchain company that focuses on the underlying technology of BSV. The latest funding is one of the largest investments in a Chinese BSV enterprise.
This only shows that people in China are realizing the value of BSV. The blockchain company is hoping that their MetaID technology can lead towards the further expansion of blockchain technology leading towards the greater good of society.