Alta, a startup building a compliance-focused blockchain for banks and large corporations, has closed a $47.5 million Series A funding round led by Index Ventures. The company announced the raise on Tuesday, according to Fortune's report. Combined with its earlier seed round, the raise brings Alta's total disclosed funding to roughly $80 million.

The startup is developing its own Layer 1 network equipped with a compliance layer, allowing customers to verify that processed transactions adhere to rules and regulations across jurisdictions worldwide — obligations that for banks include anti-money-laundering and sanctions requirements when moving money across borders. Alta is marketing the system to financial institutions and large enterprises seeking faster money transfers using crypto.

Why Alta Is Building a Compliance-Focused Blockchain

Financial firms already have a range of established networks to choose from, including Ethereum, Solana and Avalanche. Alta chief executive Loong Wang told Fortune he believes blockchain is the best technology for moving money, but argued that existing options lack the privacy and compliance tools designed for banks and other large financial players.

Among Alta's features, Wang highlighted a tool that prevents users from sending funds at random to addresses on its blockchain. The feature targets a practice known as an airdrop, which can force wallet holders to receive funds whether or not they want them.

"We often say we wouldn't have built an L-1 if we didn't have to," Wang told Fortune, describing the company's rationale for launching another network despite the large number of Layer 1 blockchains already in existence.

Airwallex Provides a Distribution Connection

Alta previously raised $32.5 million in seed funding, backed primarily by Airwallex, the Australian fintech that competes with Stripe and others in global payments. Alta has 25 employees and maintains offices in San Francisco and Melbourne.

Fortune reported that Wang has a personal connection with Airwallex chief executive Jack Zhang. Zhang had long been skeptical of crypto but has recently acknowledged the inherent value of stablecoins for cheap and efficient money transfers. Stablecoins — blockchain tokens pegged to currencies such as the US dollar — have become one of the most actively used instruments for crypto payments, which is why payments firms and banks have been building settlement infrastructure around them.

Airwallex is also acting as a distribution channel, encouraging its global customer network to use Alta's platform for crypto transactions. The arrangement comes as Airwallex rivals build out their own crypto infrastructure, including Stripe with its Tempo blockchain.

"With the rise of agentic banking and programmable payments, stablecoins are becoming an important vector for settlement," Zhang said in a statement announcing Alta's funding round.

Investors Join Alta's Series A

GV (Google Ventures), Blackbird Ventures, Square Peg and Capital49 also participated in the Series A. Capital49 is a venture firm established by Airwallex's cofounders. Alta did not disclose its valuation in the round.

The company was previously known as Metal and recently rebranded. Wang founded an earlier crypto startup that he sold in 2021, then built a second company using quantum computing to aid drug discovery before returning to crypto technology to found Alta alongside Catherine Porter, a former Meta executive.

The round positions Alta among a growing group of companies building transaction infrastructure for institutional crypto use. Banks are also exploring stablecoin settlement and digital asset infrastructure, including efforts discussed at MERGE Madrid 2026. Other coverage has examined how banks put deposits on blockchain and plans for a shared banking network. Those initiatives provide context for the institutional market Alta is pursuing, while the company's stated next step is to attract banks and large companies onto its own network — with uptake through Airwallex's customer base and the progress of rival chains such as Stripe's Tempo among the near-term markers to watch.