Payment startup Due completes $3.3 million seed funding to develop a blockchain-based platform

ChainCatcher news, payment service provider Due announced the completion of a $3.3 million seed round financing, led by Semantic and Fabric Ventures, with participation from BlockTower, Speedinvest, Polymorphic Capital, and Discovery Ventures. The new funds will be used to further develop Due's technology and expand its fiat currency connections to more markets.

It is reported that Due is currently building a platform that connects domestic payment channels using open and interoperable blockchain protocols. By establishing Ethereum and utilizing its various scaling solutions, Due "aims to enable underserved and emerging markets to access global liquidity seamlessly, while facilitating transactions at a lower cost and faster settlement times compared to traditional methods." Due will launch this month, connecting payment channels in the United States, Europe, the UK, and South Africa. The company plans to expand to Latin America and the Asia-Pacific region in the first quarter of next year.