The crypto banking project Shield has completed a $5 million seed round financing, led by Giant Ventures

ChainCatcher news, according to Techcrunch, the new cryptocurrency banking project Shield announced the completion of a $5 million seed round financing, led by Giant Ventures. Other investors in this round include Chris Dixon's a16z crypto startup accelerator, Factor Capital, as well as Coinbase and Bank of America as strategic angel investors. The project has raised a total of $7 million to date.

The new funds will be used to establish more banking partnerships. Currently, the company has two major banking partners but declined to disclose their names. In addition, the company will continue to develop its compliance products.