Jada Harris, a blockchain-based prediction marketplace for financial markets, has raised $500,000 in Series B funding led by Sequoia Capital.
The startup aims to be “the world’s first decentralized prediction market for financial trading.”
Jada harri is working with Sequoias Chief Technology Officer Adam Niehrer to build the company’s decentralized prediction platform.
Sequoians first Series B round included $500k in seed funding and another $1m in additional funding from Sequoial Capital, as well as a $1.2m seed round led by Bancor Capital.
This is the second round of Sequoian funding from the Sequoiaty.
Jada has built a network of prediction markets in the financial services space that enables traders to bet on and participate in financial markets.
It also connects investors and traders.
The company has raised nearly $5m in Series A and is working to raise more.
The founders hope to have an initial product that will compete with traditional financial prediction markets.
Sequoiias Chief Executive Officer Adam Bhatti said in a statement: “We believe Jada is a promising platform for disrupting the prediction market.
Jadah harris has the potential to revolutionize the finance industry by giving traders a way to bet and profit from the performance of financial markets.”
The platform was built on the Ethereum blockchain, a distributed, decentralized digital ledger system.
Sequos founder and CEO Joseph Lubin said the team is working on the technology “to enable a global marketplace for data, prediction, and algorithmic trading.”
The team is currently building a network for the prediction markets to allow for a global trading platform.
Jaderu, a decentralized prediction service built on top of the Ethereum network, was founded in 2015.
It uses the Ethereum technology to create prediction markets for stocks, currencies, commodities and futures.
Jageru was founded by Marko Gudelj, a former Google engineer, and is focused on helping people in financial services, such as brokers and hedge funds, make better informed trades.
Gudellos first startup, Jaderus, launched in 2016, and it is now valued at $1 billion.
It has over 5,000 traders on its platform.
The platform has been used by a number of companies including the Federal Reserve, Bank of America, and Credit Suisse.
The Jadervus team is building its own blockchain-backed prediction market called the Jader, and plans to launch it soon.