Saxo Bank Founder Invests €10M in Concordium Blockchain

Lars Seier Christensen, chairman of the Swiss non-profit Concordium Foundation and a global “pioneer” in FX and derivatives trading, has announced further investment in the ecosystem around Concordium Blockchain to the tune of 10 million Euros.

Determined to help grow an ecosystem in which he has great faith, the VC is doing this “despite the current bear market and a possible recession that many are predicting,” according to an update shared with CI.

Concordium, a “science-backed” blockchain designed with business applications in mind, is focused on “building the technology to help the world migrate from Web2 to Web3 and beyond.”

Seier Christensen says of his decision:

“I believe we are so early, and so undervalued, that despite all of the news of a recession, there is still great potential for incredible products with revolutionary, concrete real-world applications.”

The funds will be “used to finance projects looking to build on or integrate their dApps on the Concordium chain, as a major area of growth for the blockchain is funding projects related to DeFi, gaming, the metaverse and various industrial applications.” All projects funded will also get the opportunity “to get commercial and marketing support from Concordium.”

He adds:

“I hope my investment will help prove to the crypto and blockchain community that now is a good time to build and get funding in time for the next bull run. My ambition is also to provide the framework for several new funds, where other crypto investors can set up fund vehicles to build on and invest in Concordium.’’

As covered, Concordium claims to be “a permissionless layer 1, science-backed blockchain, designed to balance privacy with accountability through its ID layer and the use of Zero-knowledge proofs.”

Creating trust with ID is “a key to the mass migration of web2 to web3 and beyond.”

For DeFi degens, metaverse players, and gamers, it “provides a fast, secure, and highly capable platform that makes building and using dApps a simpler, more accessible task.”

Concordium differs by “having the third party verified ID, by offering nearly instantaneous, real finality which hinders roll-back of transactions and offers low transaction fees, stable in FIAT terms and a large throughput.”

With leadership and experience from Volvo, IKEA, Credit Suisse, Uber, Saxo Bank, the team is now “scaling the chain to its extensive network of the world’s biggest enterprises.”

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