Blockchain ownership startup Bitmark raises $1.7 million in seed funding

Bitmark, a Taiwan-based blockchain ownership startup, announced today that it has raised $1.7 million in a seed round of funding. Cherubic Ventures, a venture capital firm focused on investing in early-stage companies, led the round, along with a group of investors including Digital Currency Group (DCG) and WI Harper.

Titles registered on its platform are tied to digital assets called “ bitmarks ” that users can trade and create electronic records of transactions. Bitmark is one of a growing number of startups seeking to use blockchain technology to strengthen title.

Sean Moss-Pultz, CEO of Bitmark, said in a statement:

“The concept of ownership in a digital environment is undefined. Bitmark changes that by converting each person’s ownership into data. You have to have ownership to ensure the value is clear.”

Matt Cheng from Cherubic Ventures said:

“What’s exciting about Bitmark is that it dramatically changes our digital economy. If you can tokenize everything you create, suddenly it’s indisputable that it’s yours, right?”

Barry Silbert, CEO of Digital Currency Group, commented:

“We are at the epicenter of the Bitcoin and blockchain industry, and it’s exciting to see the Bitmark team using this transformative technology to solve fundamental problems around data ownership and monetization. Bitmark is a perfect addition to the Digital Currency Group’s global family as it develops innovative solutions for individuals, organizations, and institutions.”

In addition, Bitmark is currently seeking to apply for a patent for its product, according to an application published by the U.S. Patent and Trademark Office on October 13. Its first application was submitted on April 6 this year.