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Iris Secures $43 Million to Enhance Telecom Financial Services on Avalanche Blockchain
Iris, a startup focused on blockchain infrastructure for telecom operators, has raised $43 million in funding from the Balesia Group, a family office with significant investments in telecommunications across the Americas. The company has developed a platform that operates on a dedicated Avalanche Layer 1 blockchain, designed to facilitate on-chain transaction settlements for telecom carriers. Iris is already processing live transactions for VIVA, a telecom operator active in Bolivia and Mexico.
The platform integrates with existing telecom systems, allowing carriers to utilize its services without overhauling their current infrastructure. A key feature of Iris is its dollar-backed stablecoin, USDi, which is issued by Agora. This stablecoin serves as a settlement medium and reserve for operators, particularly in regions with unstable local currencies, making it a practical solution for financial transactions.
VIVA has reported significant improvements since adopting Iris's technology, including a 33% reduction in prepaid customer churn and a 35% increase in prepaid customer lifetime value. As Iris prepares to expand its services to additional carriers, VIVA's success serves as a proof of concept and a model for future implementations. The choice of Avalanche's subnet architecture allows Iris to maintain control over sensitive customer data and high-volume transactions, enhancing the overall security and efficiency of its services.
The funding from a single family office presents both advantages and challenges for Iris. While it allows for a streamlined decision-making process, the company's future growth is closely tied to the Balesia Group's ongoing support and strategic interests in the Latin American telecom market. The upcoming deployments with additional carriers will be crucial in determining the viability of Iris's on-chain telecom infrastructure beyond its initial partnership with VIVA.
Source: KLEA News