United States-based blockchain identity startup BanQu announced that it closed an extension of its series A funding round led by multinational drinks and brewing company Anheuser-Busch InBev’s investment arm. The development was announced in a post on June 6.
Per the announcement, the undisclosed amount of funds have been raised by ZX Venture to allow BanQu to continue the development of its supply chain transparency and traceability, and continue its geographic expansion. Crunchbase estimates the annual revenue of the funding company — which owns the Budweiser, Corona, Leffe and Becks beer brands — to be $22.1 billion.
The startup in question claims to have created the first and only non-cryptocurrency blockchain “to help lift people out of extreme poverty by connecting them to the global supply chains that they participate in.” Tony Milikin, chief sustainability and procurement officer at AB InBev, commented on the partnership with BanQu:
“Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals.”
Furthermore, the startup claims that the funds will sustain its presence in Africa, Asia and Latin America. BanQu reportedly operates in 12 countries, including Costa Rica, India, Indonesia, Jordan, Malawi, Somalia, South Africa, Syria, Uganda, the United States and Zambia, and has plans to expand to China and Mexico later this year. Maisie Devine, global director for the 100+ Accelerator at AB InBev, declared:
“Over the last year, we have implemented the BanQu platform with over 4,000 of our direct farmers in Zambia, Uganda and India.”
As Cointelegraph reported in August 2018, BanQu helps refugees, the displaced and the world’s poorest individuals establish an economic identity on the blockchain.
A recent Cointelegraph analysis examined how software giant Microsoft recently presented a decentralized identity network built atop of the bitcoin network with the aim of letting users take control over their personal data and content.