Alta, a startup developing blockchain infrastructure for banks and payments companies, has raised $47.5 million in a Series A funding round, The Block reported on Monday.

Index Ventures led the round. Alta’s total funding has risen to $80 million, including $32.5 million in seed funding. Its valuation was not disclosed.

Alta is developing a blockchain with privacy and compliance control functions built in. Existing blockchain networks do not properly support these functions, the company said.

Alta co-founder and CEO Rung Wang (룽 왕) said, "Existing blockchains do not meet the privacy and compliance requirements demanded by global financial institutions."

Payments firm Airwallex joined as an early partner for the blockchain Alta is developing. The two companies plan to connect Alta’s blockchain to Airwallex’s payments network. Airwallex’s payments network processes stablecoin remittances and can also connect to national fiat-currency payment networks.

Alta’s first product will allow companies to add funds needed for payments when required, rather than pre-funding. Companies can move the resulting excess cash into yield-bearing tokenised assets. Alta plans to use the funding to develop its blockchain, expand financial partnerships, and hire engineers and compliance specialists.