HTC, Alibaba Join $3M Investment in Blockchain Property Rights Startup

Blockchain digital property rights startup Bitmark has secured $3 million in a funding round led by Taiwanese electronics giant HTC.

Bitmark will use the investment to expand its sales and marketing efforts, according to a news release published on Sept. 3.

Alibaba, DCG and WI Harper also invest

Chinese e-commerce giant Alibaba, venture capital firm WI Harper and crypto-focused investor Digital Currency Group also participated in the Series A funding round. 

Phil Chen, decentralized chief officer at HTC, said the company's investments in blockchain are at the core of its strategy of putting power back in the hands of global end users. He added:

"Bitmark's system for digital property rights greatly expands the promise of blockchain technology by assigning unique ownership for digital assets of all types. It's an important step in growing the blockchain ecosystem and we look forward to their growth and success."

Bitmark has seen strong success with partners like KKBOX, Asia’s largest music network, by providing its Bitmark Property System to record rights for digitally streamed music. Other institutions such as the University of California, Berkeley, tech firm H2 and pharma giant Pfizer are also using its technology.

Meanwhile, HTC is preparing to release an affordable version of its Bitcoin-friendly smartphone, the Exodus 1S, late in the third quarter of 2019. The company claims the device is the first smartphone to support full node capability. After the announcement in May, HTC rolled out in-wallet crypto trading for users of its original Exodus 1 smartphone.