Business News Report
February 08, 2024

Solana-based Code Raises $6.5M Funding to Develop Fast Micropayments Solution

Solana-based Code Raises $6.5M Funding to Develop Fast Micropayments Solution

Canadian payments platform provider Code raised $6.5 million in a seed funding round, with M13 and Union Square Ventures leading the investment and participation from notable figures, including Balaji Srinivasan, Roham Gharegozlou, Anatoly Yakovenko, Raj Gokal, and Mert Mumtaz.

The funding is intended to fuel the expansion of Code’s global payments platform that enables users to conduct and receive micropayments in over 100 currencies, offering a swift and adaptable financial solution.

Code is built on the Solana blockchain and utilizes the Code Sequencer to provide an instantaneous, worldwide, and confidential payment experience. Founded by Ted Livingston, the founder and former CEO of Kik, a globally popular chat application boasting over 100 million users, Code introduces a mobile wallet application, eliminating the intricacies associated with managing private keys, gas fees, and the challenges of slow or failed transactions, while enabling users to take complete control over their digital assets.

Code Strives for Innovation, Open-Sources its ‘Code’ 

An early version of Code was introduced in 2023 and promptly garnered positive feedback for its engaging user experience, advanced technical infrastructure, and refined developer tools. 

Last year, the startup fully open-sourced its code, marking itself as one of the pioneering Solana-based applications to adopt the MIT License–a license that grants users the freedom to use, copy, modify, and distribute the software without limitations, showcasing the company’s commitment to transparency and collaborative development.

The Bitcoin code base also operates under the MIT license. In alignment with Satoshi’s vision, this license is considered the most permissive and open, reflecting the approach Code has chosen to adopt. 

According to Tanner Philp, the chief operating officer of Code, the Code team strongly aligns with Satoshi’s vision of establishing a genuinely peer-to-peer electronic cash system. This vision emphasizes the ability for anyone to validate and contribute to the infrastructure, a principle that Code embraces and integrates into its development philosophy.

Code is currently live and accessible for downloads. Additionally, the team has introduced a developer platform and plans to unveil a new blogging tool designed to empower individuals worldwide by offering a means to earn payment for their writing, expanding the platform’s functionality and catering to a broader audience.

With the new investment, Code is set to enhance its capability to facilitate swift and adaptable micropayments, marking a significant stride in the growth and development of global payment solutions.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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