ChromaWay

Last updated
ChromaWay AB
Company typePrivate
Industry Blockchain, Cryptocurrency, Software Development
Founded2014
FoundersHenrik Hjelte, Alex Mizrahi, Or Perelman
Headquarters
Stockholm
,
Sweden
Products Chromia
Revenue354.7 million SEK (2023)
-89.2 million SEK (2023)
0 SEK (2023)
Total assets 791.4 million SEK (2023)
Total equity 493 million SEK (2023)
Number of employees
160 (2022) [1]
Website chromaway.com
Footnotes /references
[2] [3]

ChromaWay is a Swedish blockchain technology company founded in 2014, involved in decentralized applications, relational blockchain technology, web3, and smart contracts.

Contents

The company is known for developing the blockchain platform Chromia, as well as contributing to blockchain-based projects in land registry, gaming and fashion.

History

ChromaWay traces its origins to the development of Colored Coins, an early protocol that enabled for users to issue their own tokens on the Bitcoin blockchain. ChromaWay's co-founder Alex Mizrahi was a lead developer of the Colored Coins project, which laid the foundation for blockchain-based asset tokenization. [4]

Building on these concepts, ChromaWay was founded in 2014 by Henrik Hjelte, Alex Mizrahi, and Or Perelman with a focus on advancing blockchain technology beyond cryptocurrencies. One of its early initiatives was the development of a relational blockchain, designed to combine traditional database functionality with blockchain security and decentralization. [5] [4]

In 2014, ChromaWay collaborated with LHV Bank in Estonia to develop a blockchain-based system for issuance of a digital Euro, a so-caled stablecoin, which they claimed to be one of the earliest practical implementations of blockchain in banking. [6] [7]

In the same year, the Estonian fintech platform Funderbeam worked with ChromaWay to enable blockchain-based trading of startup investments, which was reported to be one of the earliest implementations of a secondary market for private company shares on a blockchain. [8]

In 2017, ChromaWay launched Postchain, which integrates blockchain features with traditional database management systems such as relational databases. [7]

In 2017, the government of Andhra Pradesh, India collaborated with ChromaWay to explore blockchain-based land registry solutions with the stated aim of reducing fraud and improving efficiency. [9] [10]

In 2018, ChromaWay launched Chromapolis, a new type of blockchain platform designed to support scalable and user-friendly decentralized applications. The platform combined relational database technology with blockchain architecture, aiming to provide developers with tools to build complex applications with high performance and flexibility. The project was funded through a token sale, which was described by Dagens industri as one of the most significant of its kind in Sweden at the time. [11] Chromapolis was later renamed Chromia, which is now ChromaWay’s public blockchain network.

In 2018, ChromaWay collaborated with the Swedish land registry Lantmäteriet to implement a blockchain-based property transaction system. The project explored blockchain’s potential to streamline real estate transactions and decrease fraud risks. [5] [12] [10]

In 2018, ChromaWay's Postchain technology was adopted by Taiwanese startup SnowBridge for use in digital identity and data integrity applications. [13]

In 2018, ChromaWay collaborated with Stockholm Green Digital Finance in a project described as seeking to utilize blockchain technology to enhance transparency and traceability in the green bond market. [14]

In 2019, ChromaWay acquired Antler Interactive, a Swedish game studio, to integrate blockchain into gaming. This acquisition led to the development of the game My Neighbor Alice in which all game logic and digital assets are stored on the blockchain, and where users have control over the game's development. [15] [16]

In 2020, ChromaWay participated in blockchain-based land registry pilot projects implemented by the Inter-American Development Bank working with government agencies in Bolivia, Peru, and Paraguay. [17] [18]

In 2023, ChromaWay acquired the Swedish-American fashion brand BLK DNM, citing potential synergies between blockchain technology and digital fashion. [19]

In 2024, ChromaWay joined the Amazon Web Services (AWS) Partner Network, allowing it to offer its blockchain technology through AWS Marketplace and integrated within AWS infrastructure. [20]

In 2024, the sports club VfB Stuttgart offered blockchain-based collectibles using technology developed by ChromaWay. [21] [22]

Technology

Postchain is ChromaWay's open-source database framework that integrates blockchain features while maintaining compatibility with existing relational database systems. It allows SQL developers to build blockchain applications without requiring specialized blockchain knowledge. [7]

Postchain is the basis for Chromia. [23]

Chromia is ChromaWay's a blockchain platform designed to support decentralized applications. Chromia utilizes a relational blockchain model, designed for application development, differing from traditional blockchains like Ethereum. [24]

Chromia uses the cryptocurrency CHR for transaction fees, staking, and governance within the platform. [24]

Financials

In 2018, ChromaWay secured 15 million USD in funding through a private token sale to further develop its Chromia blockchain platform, then called Chromapolis, positioning it as a competitor to Ethereum. [11] ChromaWay has also raised venture capital. In 2022, the company raised 10 million USD from True Global Ventures and others to further develop Chromia and expand its operations. [25] [3]

As of 2023, the company reported annual revenues exceeding 664 million SEK, with a significant portion of its income derived from blockchain-based gaming. [26]

Notable Projects

Land Registry and Real Estate

As part of its global land registry initiatives, ChromaWay collaborated with Andhra Pradesh, marking one of the first government-backed experiments in blockchain land records. [9] ChromaWay has collaborated with the Swedish Land Registry, the NSW Land Registry Services, the Inter-American Development Bank, and other governmental organizations to implement blockchain solutions for land registration, stating aims to enhance transparency and efficiency. [5] [12] [10] [27] [28] [29]

Blockchain Gaming

ChromaWay's subsidiary, Antler Interactive, has developed blockchain-based games, including:

Fashion Tech

Through its acquisition of BLK DNM founded by Johan Lindeberg, ChromaWay has stated plans to integrate blockchain technology into the fashion industry, including potential applications in digital identity for garments and tokenized ownership. [19] [30]

Sports Fan Engagement

ChromaWay founded Fanzeal to develop digital collectible platforms for sports clubs. One notable implementation is with VfB Stuttgart, where blockchain-based collectibles are provided to enhance fan engagement. [21] [22]

Sustainability

In 2024, ChromaWay received support from the European Blockchain Services Infrastructure (EBSI) for its blockchain-based sustainability and traceability efforts. The company participated in the EU Pre-Commercial Procurement initiative with its decentralized applications for Digital Product Passport and intellectual property rights. [31] [26] [24]

Additionally, ChromaWay was included the European Blockchain Observatory and Forum’s research on blockchain applications in supply chain transparency and regulatory compliance. [32]

Cap Table Management

ChromaWay has supported the development of Kvanta (formerly Capchap [33] ), a blockchain-based system designed to create a verified, real-time log of share ownership and related events in private companies for transparency and regulatory compliance. Kvanta was founded by ChromaWay and Legal Works Nordic, and received an initial investment of 15 million SEK with additional support from Vinnova. [34]

Kvanta is also part of a reference group for the Swedish Companies Registration Office’s "Proof of Business" project, contributing expertise on blockchain and distributed ledger technology. [35]

References

  1. ↑ Widhagen, Emil (22 April 2022). "Svenska doldisen gör monstervinst på 500 miljoner (!): "Det går väldigt bra"". Breakit (in Swedish). Retrieved 10 February 2025.
  2. ↑ "ChromaWay AB - 556972-8610". Allabolag (in Swedish). Retrieved 10 February 2025.
  3. 1 2 Pratama, Aditya Hadi (2022-01-13). "Animoca Brands investor leads $10m round of a Web3 pioneer". Tech in Asia . Retrieved 2025-02-08.
  4. 1 2 Kuznetsov, Nikolai. "Blockchain's Long-Term Impact is Underestimated: A Chat with Chromia Co-Founder Henrik Hjelte". TheStreet . Retrieved 10 February 2025.
  5. 1 2 3 Ottsjö, Peter (14 May 2019). "Chromaway tar blockkedjan till nästa nivå". Ny Teknik (in Swedish). Retrieved 10 February 2025.
  6. ↑ Djupenström, Linda (30 May 2016). "Ny teknik för valutor och smarta kontrakt med blockchain". Dataföreningen (in Swedish). Retrieved 10 February 2025.
  7. 1 2 3 Allison, Ian (28 June 2017). "Blockchain developer ChromaWay launches Postchain 'the first consortium database'". International Business Times . Retrieved 10 February 2025.
  8. ↑ "World's first blockchain-based startup marketplace set to launch by Funderbeam". Cointelegraph. 2016-04-12. Retrieved 2025-06-08.
  9. 1 2 Browne, Ryan (10 October 2017). "This Indian state wants to use blockchain to fight land ownership fraud". CNBC . Retrieved 10 February 2025.
  10. 1 2 3 Anand, Shefali (6 March 2018). "A Pioneer in Real Estate Blockchain Emerges in Europe". The Wall Street Journal . Retrieved 10 February 2025.
  11. 1 2 Lundell, Stefan (24 October 2018). "Chromapolis får in 135 miljoner – nu utmanar Henrik Hjelte Ethereum". Breakit (in Swedish). Retrieved 10 February 2025.
  12. 1 2 Chavez-Dreyfuss, Gertrude (16 June 2016). "Sweden tests blockchain technology for land registry". Reuters . Retrieved 10 February 2025.
  13. ↑ 鄭, 國強 (12 February 2018). "來自瑞典的黑科技 會SQL語言就能變身成區塊鏈工程師". 信傳媒 (CM Media) (in Chinese). Retrieved 14 April 2025.
  14. ↑ "Blockkedja ska säkra miljarder till nya heta trenden". Dagens industri (in Swedish). 2018-05-02. Retrieved 2025-04-14.
  15. 1 2 Ek, Henrik (15 March 2021). "Svenska kryptovalutan släpptes i går – har rusat 30 000 procent". Dagens Industri (in Swedish). Retrieved 10 February 2025.
  16. ↑ "My Neighbor Alice: A Blockchain-based Multiplayer Builder Game" (PDF). Chromia. Retrieved 2025-06-09.
  17. ↑ Cant, Joeri (2019-10-28). "Major Latin American Development Bank Pilots Blockchain for Land Registry". Cointelegraph. Retrieved 2025-04-14.
  18. ↑ Sinclair, Sebastian (2020-05-06). "Chromaway Expands Effort to Put Latin American Land Records on the Blockchain". CoinDesk. Retrieved 2025-02-08.
  19. 1 2 Widhagen, Emil (8 June 2023). "Svenska kryptojätten Chromaway köper upp Johan Lindebergs modemärke: "Faktiskt tydliga synergier"". Breakit (in Swedish). Retrieved 10 February 2025.
  20. ↑ Benjamin, Godfrey (2024-07-06). "Chromaway Onboards AWS Partner Network". Coinspeaker. Retrieved 2025-02-08.
  21. 1 2 "Das holen wir jetzt nach: Wie der VfB Stuttgart zum innovativen Vorreiter werden will". Kicker (in German). 7 November 2024. Retrieved 10 February 2025.
  22. 1 2 "Sammelkarten auf einer digitalen Plattform". VfB Stuttgart (in German). 20 August 2024. Retrieved 10 February 2025.
  23. ↑ "Postchain for the Public: Scaling Relational Blockchain". ChromaWay Blog. ChromaWay. 2022-08-17. Retrieved 2025-06-09.
  24. 1 2 3 4 Ek, Henrik (13 January 2022). "Global kryptofond investerar när "Sveriges Ethereum" tar in 90 miljoner". Dagens Industri (in Swedish). Retrieved 10 February 2025.
  25. ↑ Blixt, Tobias (13 January 2022). "Chromaway fyller kassan med 90 miljoner – "Har varit pionjärer"". Breakit (in Swedish). Retrieved 10 February 2025.
  26. 1 2 Widhagen, Emil (4 May 2023). "Ingen fattar vad Chromaway gör – men de är mest lönsamma i Techsverige (!)". Breakit (in Swedish). Retrieved 10 February 2025.
  27. ↑ Allessie, David; Sobolewski, Maciej; Vaccari, Lorenzino (2019-04-23). Pignatelli, Francesco (ed.). Blockchain for Digital Government (Report). European Commission . Retrieved 6 January 2026.
  28. ↑ Bleby, Michael (15 October 2018). "NSW Land Registry to test blockchain waters on econveyancing with ChromaWay". The Australian Financial Review. Nine Entertainment Co. Retrieved 26 October 2025.
  29. ↑ "IDB executes blockchain property registry pilot with ChromaWay". Ledger Insights – Blockchain for Enterprise. Ledger Insights Ltd. 31 January 2023. Retrieved 26 October 2025.
  30. ↑ Ek, Henrik (11 June 2023). "Svenska kryptobolaget köper Johan Lindebergs tidigare modehus". Dagens Industri (in Swedish). Retrieved 10 February 2025.
  31. ↑ Fortis, Savannah (12 July 2024). "EU backs ChromaWay's blockchain sustainability efforts". Cointelegraph. Retrieved 10 February 2025.
  32. ↑ EU Blockchain Observatory and Forum: Digital Product Passport (PDF) (Report). European Blockchain Observatory and Forum. 2024. Retrieved 10 February 2025.
  33. ↑ "About Us". Kvanta. Retrieved 10 February 2025.
  34. ↑ Widhagen, Emil (11 May 2022). "Blockchain-kartläggning: Här är 19 svenska bolag som bygger web3". Breakit (in Swedish). Retrieved 10 February 2025.
  35. ↑ "Samverkan inom Proof of Business". Bolagsverket (in Swedish). Retrieved 10 February 2025.
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