{{Short description|Swedish blockchain technology company}} {{Infobox company | name = ChromaWay AB | logo = ChromaWay Logo - Black.png | type = Private | industry = Blockchain, Cryptocurrency, Software Development | founded = 2014 | founders = Henrik Hjelte, Alex Mizrahi, Or Perelman | hq_location_city = Stockholm | hq_location_country = Sweden | key_people = | products = Chromia | revenue = 354.7 million SEK (2023) | operating_income = -89.2 million SEK (2023) | net_income = 0 SEK (2023) | assets = 791.4 million SEK (2023) | equity = 493 million SEK (2023) | num_employees = 160 (2022)<ref>{{cite news |last=Widhagen |first=Emil |title=Svenska doldisen gör monstervinst på 500 miljoner (!): "Det går väldigt bra" |url=https://www.breakit.se/artikel/32772/svenska-blockchain-doldisen-gor-monstervinst-behaller-allt-for-att-skala-upp |work=Breakit |language=sv |date=22 April 2022 |access-date=10 February 2025}}</ref> | footnotes =<ref>{{cite web |url=https://www.allabolag.se/foretag/chromaway-ab/stockholm/konsulter/2K42M3MI5YF3I |title=ChromaWay AB - 556972-8610 |website=Allabolag |access-date=10 February 2025 |language=sv}}</ref> <ref name="techinasia2022">{{cite web |last1=Pratama |first1=Aditya Hadi |title=Animoca Brands investor leads $10m round of a Web3 pioneer |url=https://www.techinasia.com/chromaway-10-million-funding-true-global-ventures |date=2022-01-13 |website=Tech in Asia |access-date=2025-02-08}}</ref> | website = {{URL|https://chromaway.com}} }}
'''ChromaWay''' is a Swedish blockchain technology company founded in 2014, involved in decentralized applications, relational blockchain technology, web3, and smart contracts.
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.<ref name="TheStreet2024">{{cite web |last=Kuznetsov |first=Nikolai |title=Blockchain's Long-Term Impact is Underestimated: A Chat with Chromia Co-Founder Henrik Hjelte |url=https://www.thestreet.com/crypto/innovation/blockchains-long-term-impact-is-underestimated-a-chat-with-chromia-co-founder-henrik-hjelte |website=TheStreet |date=2024-07-22 |access-date=10 February 2025}}</ref>
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.<ref name="NyTeknik">{{cite news |last=Ottsjö |first=Peter |title=Chromaway tar blockkedjan till nästa nivå |url=https://www.nyteknik.se/nyheter/chromaway-tar-blockkedjan-till-nasta-niva/234696 |work=Ny Teknik |language=sv |date=14 May 2019 |access-date=10 February 2025}}</ref><ref name="TheStreet2024"/>
In 2014, ChromaWay collaborated with LHV Bank in Estonia to develop a blockchain-based system for issuance of a digital Euro, a so-called stablecoin, which they claimed to be one of the earliest practical implementations of blockchain in banking.<ref>{{cite web |first=Linda |last=Djupenström |date=30 May 2016 |title=Ny teknik för valutor och smarta kontrakt med blockchain |url=https://dfs.se/pa_gang/ny-teknik-for-valutor-och-smarta-kontrakt-med-blockchain/ |website=Dataföreningen |access-date=10 February 2025 |language=sv}}</ref><ref name="IBTimes" />
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.<ref>{{cite news |title=World's first blockchain-based startup marketplace set to launch by Funderbeam |url=https://cointelegraph.com/news/worlds-first-blockchain-based-startup-marketplace-set-to-launch-by-funderbeam |work=Cointelegraph |date=2016-04-12 |access-date=2025-06-08}}</ref>
In 2017, ChromaWay launched ''Postchain'', which integrates blockchain features with traditional database management systems such as relational databases.<ref name="IBTimes" />
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.<ref name="CNBC">{{cite news |title=This Indian state wants to use blockchain to fight land ownership fraud |url=https://www.cnbc.com/2017/10/10/this-indian-state-wants-to-use-blockchain-to-fight-land-ownership-fraud.html |work=CNBC |date=10 October 2017 |access-date=10 February 2025 |first=Ryan |last=Browne}}</ref><ref name="WSJ" />
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.<ref name=135m/> 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.<ref name="NyTeknik" /><ref name="reuters">{{cite news |title=Sweden tests blockchain technology for land registry |first=Gertrude |last=Chavez-Dreyfuss |url=https://www.reuters.com/article/us-sweden-blockchain/sweden-tests-blockchain-technology-for-land-registry-idUSKCN0Z22KV/ |work=Reuters |date=16 June 2016 |access-date=10 February 2025}}</ref><ref name="WSJ">{{cite news |first=Shefali |last=Anand |title=A Pioneer in Real Estate Blockchain Emerges in Europe |url=https://www.wsj.com/articles/a-pioneer-in-real-estate-blockchain-emerges-in-europe-1520337601 |work=The Wall Street Journal |date=6 March 2018 |access-date=10 February 2025}}</ref>
In 2018, ChromaWay's Postchain technology was adopted by Taiwanese startup SnowBridge for use in digital identity and data integrity applications.<ref>{{cite web |last=鄭 |first=國強 |title=來自瑞典的黑科技 會SQL語言就能變身成區塊鏈工程師 |url=https://www.cmmedia.com.tw/home/articles/8513 |website=信傳媒 (CM Media) |date=12 February 2018 |language=zh |access-date=14 April 2025}}</ref>
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.<ref>{{cite web |title=Blockkedja ska säkra miljarder till nya heta trenden |url=https://www.di.se/hallbart-naringsliv/blockkedja-ska-sakra-miljarder-till-nya-heta-trenden/ |website=Dagens industri |language=sv |date=2018-05-02 |access-date=2025-04-14 }}</ref>
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.<ref name="DI-Krypto">{{cite news |last=Ek |first=Henrik |title=Svenska kryptovalutan släpptes i går – har rusat 30 000 procent |url=https://www.di.se/digital/svenska-kryptovalutan-slapptes-i-gar-har-rusat-30-000-procent/ |work=Dagens Industri |language=sv |date=15 March 2021 |access-date=10 February 2025}}</ref><ref>{{cite web |title=My Neighbor Alice: A Blockchain-based Multiplayer Builder Game |url=https://static1.squarespace.com/static/601a9e78af724f7a3932fd5f/t/6197c7a3208b111b3333c707/1637337019912/My+Neighbor+Alice+Whitepaper+-+final.pdf |website=Chromia |access-date=2025-06-09}}</ref>
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.<ref>{{cite web |last=Cant |first=Joeri |title=Major Latin American Development Bank Pilots Blockchain for Land Registry |url=https://cointelegraph.com/news/major-latin-american-development-bank-pilots-blockchain-for-land-registry |website=Cointelegraph |date=2019-10-28 |access-date=2025-04-14 }}</ref><ref name="coindesk2020">{{cite news |last1=Sinclair |first1=Sebastian |title=Chromaway Expands Effort to Put Latin American Land Records on the Blockchain |url=https://www.coindesk.com/tech/2020/05/06/chromaway-expands-effort-to-put-latin-american-land-records-on-the-blockchain |work=CoinDesk |date=2020-05-06 |access-date=2025-02-08}}</ref>
In 2023, ChromaWay acquired the Swedish-American fashion brand ''BLK DNM'', citing potential synergies between blockchain technology and digital fashion.<ref name="Breakit-Fashion">{{cite news |last=Widhagen |first=Emil |title=Svenska kryptojätten Chromaway köper upp Johan Lindebergs modemärke: “Faktiskt tydliga synergier” |url=https://www.breakit.se/artikel/36920/svenska-kryptojatten-chromaway-koper-upp-johan-lindebergs-modemarke-faktiskt-tydliga-synergier |work=Breakit |date=8 June 2023 |access-date=10 February 2025 |language=sv}}</ref>
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.<ref name="coinspeaker2024-aws">{{cite web |title=Chromaway Onboards AWS Partner Network |url=https://www.coinspeaker.com/chromaway-onboard-aws-partner/ |work=Coinspeaker |date=2024-07-06 |first=Godfrey |last=Benjamin |access-date=2025-02-08}}</ref>
In 2024, the sports club VfB Stuttgart offered blockchain-based collectibles using technology developed by ChromaWay.<ref name="kicker"/><ref name="vfb"/>
== 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.<ref name="IBTimes">{{cite news |last=Allison |first=Ian |title=Blockchain developer ChromaWay launches Postchain 'the first consortium database' |url=https://www.ibtimes.co.uk/blockchain-developer-chromaway-launches-postchain-first-consortium-database-embargo-16-00-wed-1627977 |work=International Business Times |date=28 June 2017 |access-date=10 February 2025}}</ref>
=== Chromia === thumb|upright=0.8|Logotype of ChromaWay's blockchain platform Chromia Chromia is ChromaWay's blockchain platform designed to support decentralized applications. Chromia utilizes a relational blockchain model, designed for application development, differing from traditional blockchains like Ethereum.<ref name="DI-Investment">{{cite news |last=Ek |first=Henrik |language=sv |title=Global kryptofond investerar när “Sveriges Ethereum” tar in 90 miljoner |url=https://www.di.se/digital/global-kryptofond-investerar-nar-sveriges-ethereum-tar-in-90-miljoner/ |work=Dagens Industri |date=13 January 2022 |access-date=10 February 2025}}</ref>
Postchain is the basis for Chromia.<ref>{{cite web |title=Postchain for the Public: Scaling Relational Blockchain |url=https://blog.chromia.com/postchain-for-the-public-scaling-relational-blockchain/ |website=ChromaWay Blog |publisher=ChromaWay |date=2022-08-17 |access-date=2025-06-09 }}</ref>
Chromia uses the cryptocurrency CHR for transaction fees, staking, and governance within the platform.<ref name="DI-Investment" />
== Financials ==
In 2018, ChromaWay secured US$15 million in funding through a private token sale to further develop its Chromia blockchain platform, then called Chromapolis, positioning it as a competitor to Ethereum.<ref name=135m>{{cite news |title=Chromapolis får in 135 miljoner – nu utmanar Henrik Hjelte Ethereum |url=https://www.breakit.se/artikel/16310/chromapolis-far-in-135-miljoner-nu-utmanar-henrik-hjelt |work=Breakit |first=Stefan |last=Lundell |language=sv |date=24 October 2018 |access-date=10 February 2025}}</ref> ChromaWay has also raised venture capital. In 2022, the company raised US$10 million from ''True Global Ventures'' and others to further develop Chromia and expand its operations.<ref name="Breakit-Funding">{{cite news |last=Blixt |first=Tobias |title=Chromaway fyller kassan med 90 miljoner – “Har varit pionjärer” |url=https://www.breakit.se/artikel/31524/chromaway-fyller-kassan-med-90-miljoner-har-varit-pionjarer |language=sv |work=Breakit |date=13 January 2022 |access-date=10 February 2025}}</ref><ref name="techinasia2022"/>
As of 2023, the company reported annual revenues exceeding 664 million SEK, with a significant portion of its income derived from blockchain-based gaming.<ref name="Breakit-Profit">{{cite news |last=Widhagen |first=Emil |language=sv |title=Ingen fattar vad Chromaway gör – men de är mest lönsamma i Techsverige (!) |url=https://www.breakit.se/artikel/36593/ingen-fattar-vad-chromaway-gor-men-de-ar-mest-lonsamma-i-tech-sverige-har-blivit-jattesucceer |work=Breakit |date=4 May 2023 |access-date=10 February 2025}}</ref>
== Notable projects == === Land registries 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.<ref name="CNBC" /> 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.<ref name="NyTeknik" /><ref name="reuters"/><ref name="WSJ"/><ref>{{cite report |author-last1=Allessie|author-first1=David |author-last2=Sobolewski|author-first2=Maciej |author-last3=Vaccari|author-first3=Lorenzino |editor-last1=Pignatelli |editor-first1=Francesco |title=Blockchain for Digital Government |url=https://publications.jrc.ec.europa.eu/repository/handle/JRC115049 |publisher=European Commission |date=2019-04-23 |access-date=6 January 2026}}</ref><ref>{{cite news |last=Bleby |first=Michael |title=NSW Land Registry to test blockchain waters on econveyancing with ChromaWay |url=https://www.afr.com/property/nsw-land-registry-to-test-blockchain-waters-on-econveyancing-with-chromaway-20181015-h16nnq |work=The Australian Financial Review |publisher=Nine Entertainment Co. |date=15 October 2018 |access-date=26 October 2025}}</ref>
=== Blockchain gaming === ChromaWay's subsidiary, Antler Interactive, has developed blockchain-based games, including: * ''My Neighbor Alice'': A multiplayer online game where players can purchase virtual land and items as NFTs. The game's in-game currency, ''Alice'', saw a significant price surge upon its launch on the Binance exchange.<ref name="DI-Krypto" /> * ''Mines of Dalarnia'': A play-to-earn game where players mine resources and trade digital assets.<ref name="DI-Investment" />
=== Fashion technology === 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.<ref name="Breakit-Fashion" /><ref>{{cite news |last=Ek |first=Henrik |title=Svenska kryptobolaget köper Johan Lindebergs tidigare modehus |url=https://www.di.se/digital/svenska-kryptobolaget-koper-johan-lindebergs-tidigare-modehus/ |date=11 June 2023 |work=Dagens Industri |language=sv |access-date=10 February 2025}}</ref>
=== 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.<ref name="kicker">{{cite news |title=Das holen wir jetzt nach: Wie der VfB Stuttgart zum innovativen Vorreiter werden will |url=https://www.kicker.de/das-holen-wir-jetzt-nach-wie-der-vfb-stuttgart-zum-innovativen-vorreiter-werden-will-1061696/artikel |work=Kicker |language=de |date=7 November 2024 |access-date=10 February 2025}}</ref><ref name="vfb">{{cite web |title=Sammelkarten auf einer digitalen Plattform |url=https://collectibles.vfb.de/blog/launch-collectibles |website=VfB Stuttgart |language=de |access-date=10 February 2025 |date=20 August 2024}}</ref>
=== 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 a European Union pre-commercial procurement initiative with its decentralized applications for Digital Product Passport and intellectual property rights.{{efn|"Pre-commercial procurement" concerns the commissioning of research and development delivery in advance of production becoming commercially feasible.<ref>European Commission, [https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52007DC0799 Pre-commercial Procurement: Driving innovation to ensure sustainable high quality public services in Europe], SEC(2007) 1668, published on 14 December 2007, accessed in 3 March 2026</ref>}}<ref name="Cointelegraph">{{cite news |first=Savannah |last=Fortis |title=EU backs ChromaWay's blockchain sustainability efforts |url=https://cointelegraph.com/news/eu-backs-chromaway-blockchain-sustainability |work=Cointelegraph |date=12 July 2024 |access-date=10 February 2025}}</ref><ref name="Breakit-Profit"/><ref name="DI-Investment"/>
Additionally, ChromaWay was included in the ''European Blockchain Observatory and Forum’s'' research on blockchain applications in supply chain transparency and regulatory compliance.<ref>{{cite report |title=EU Blockchain Observatory and Forum: Digital Product Passport |url=https://blockchain-observatory.ec.europa.eu/document/download/b6e3c85c-43c1-405b-aba8-e49a71249ef7_en?filename=EUBOF_DPP_report.pdf |date=2024 |publisher=European Blockchain Observatory and Forum |access-date=10 February 2025}}</ref>
=== Cap Table Management === ChromaWay has supported the development of ''Kvanta'' (formerly ''Capchap''<ref>{{cite web |title=About Us |url=https://kvanta.com/about-us |website=Kvanta |access-date=10 February 2025|language=en}}</ref>), 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.<ref>{{cite news |last=Widhagen |first=Emil |title=Blockchain-kartläggning: Här är 19 svenska bolag som bygger web3 |url=https://www.breakit.se/artikel/32972/blockchain-kartlaggning-har-ar-19-svenska-bolag-som-bygger-web3-siffrorna-investerarna-och-planerna-framover |work=Breakit |date=11 May 2022 |language=sv |access-date=10 February 2025}}</ref>
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.<ref>{{cite web |title=Samverkan inom Proof of Business |url=https://bolagsverket.se/proofofbusiness/omuppdraget/samverkan.4482.html |website=Bolagsverket |language=sv |date=2022-05-25 |access-date=10 February 2025}}</ref>
==Notes== {{notelist}}
== References == {{Reflist}}
== External links == * {{official website|https://chromaway.com}}
{{DEFAULTSORT:Chromaway}} Category:Blockchains Category:Cryptocurrency companies Category:Companies based in Stockholm Category:Swedish companies established in 2014 Category:Technology companies of Sweden