There’s no question that Bitcoin has captured the imagination of many, including technologists, investors and increasingly, the general public. People are also growing more aware that Bitcoin is “just” an application of the blockchain, a transaction ledger utilized by all participants using the Bitcoin protocol. The startup Chain makes it easier to build Bitcoin applications, including non-financial applications, on top of the blockchain. Here’s why we invested:
Who: Chain Co-founder and CEO, Adam Ludwin, is an investor and entrepreneur who we’ve known for several years. When Adam left his job as an investor to start the company that would later become Chain, Homebrew had not yet been created. But when Adam decided to focus the company on a new opportunity related to the blockchain, we knew we couldn’t pass on the opportunity to work with Adam and the Chain team.
What: Chain is building an API-based platform that makes it easy to build Bitcoin applications and not worry about the underlying infrastructure. These applications can go far beyond the cryptocurrencies that have been developed to date. The Chain API will enable innovation in identity, contracts, reservations, physical asset distribution and many other applications. We believe that providing the tools and infrastructure to democratize development of Bitcoin applications is fundamental to supporting the burgeoning Bottom Up ecosystem that is evolving around the protocol.
How: Chain already supports various Bitcoin applications and has built a robust platform that quickly, securely and scalably interacts with blockchain data. If you’re interested in the challenging engineering problems that Chain is tackling, they’re hiring in San Francisco.
Why: At Homebrew, we believe in a Bottom Up economy, one which gives developers increasing ability to build applications in a distributed fashion. API platforms that allow software engineers to focus on adding unique value, not recreating infrastructure, are a key efficiency. Adam and the Chain team certainly believe this to be true and we’re thrilled to be a part of helping them build a transformative company that will enable even greater innovation by financial institutions, governments, enterprises and developers. Bitcoin as a currency is only the beginning. We’re eager to see what else can be developed with the underlying protocol and the blockchain.