Taiwan blockchain player Dexon gets $20m from IDG

Dexon's namesake product is positioned as a "blocklattice" decentralized system, which uses algorithms to allow transaction speeds that are competitive with major credit card companies. Historically, blockchain-based financial transactions have been constrained by technical hurdles around latency.

"We hope to partner with [major credit card companies], as we're now able to offer the same processing power without a need for centralization," Popo Chen, the company's founder, said in a statement. "Other than Dexon, current blockchain protocols can only process a few secure transactions per second, leaving them unable to keep pace with traditional solutions."

Unlike traditional blockchain systems that build encrypted blocks linearly, the blocklattice system uses multiple blockchains that work together in parallel. This is said to make it easier to scale transaction volumes automatically and energy-efficiently. Dexon claims to have recently conducted encouraging speed tests of the technology.

Companies developing similar projects include Korea-based Fantom Foundation, which received a $40 million round in June from a group of investors including US-based 8 Decimal Capital and Singapore Link VC. The company said it will create a platform that will enable cryptocurrency transactions at speeds "significantly" faster than possible with services provided by Visa and Mastercard.

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• Topics
• Greater China
• Financials
• Technology
• Early-stage
• Taiwan (China)
• IDG Capital Partners
• blockchain
• Cryptocurrency