The new encrypted banking project Shield has completed a $5 million financing round, led by Giant Ventures.

BlockBeats News, September 22nd, according to TechCrunch report, the new encrypted banking project Shield announced the completion of a $5 million seed round of financing. The lead investor in this round is Giant Ventures, with other investors including 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.

This new funding will be used to establish more banking partnerships. The company currently has two major banking partners but has refused to disclose specific names. In addition, the company will continue to develop its compliance products.