Blockchain-based accounting and tax services company Libra Services Inc. announced today that the company raised $7.8 million in Series A funding from an undisclosed investor in Europe.

Launched in 2014, Libra provides an enterprise-grade system for accounting and tax services using the distributed ledger technology platform called blockchain. The company’s service is designed to give enterprise users connectivity and access to the blockchain and cryptocurrency ecosystem. This allows businesses to standardize financial data across a secure, distributed database that can be independently audited to show the historical accuracy of accounts and transactions.

“We provide our customers three core components of value,” said Jake Benson, chief executive of Libra, said the company offers three main components: “First, a single onramp that connects to the many data sources within the ecosystem. Second, the real-time data processing engines and services required to continuously and automatically standardize and deliver accurate financial information. And third, blockchain-native software that’s purpose-built for this industry by a team of engineers who have designed and delivered some of the most scalable and secure financial software platforms in the world.”

Security is innate to blockchain technology in that a properly built network uses a mechanism to minimize mistakes and fraud when information is recorded. Also, each transaction uses encryption to secure the previous transactions. As such, the longer a blockchain gets and the more distributed it is, the more previous transactions can be trusted not to have been tampered with.

Just like part of its name, a blockchain is a chain of transactions that can be viewed as a historical log of events. This is especially useful for services in the financial industry because it allows internal investigators and regulators to audit transaction trails to understand what happened and show appropriate compliance with laws and policies.

Financial technology companies have been exploring blockchain-based systems for exactly this purpose. For example, Chain Inc., IBM Corp., and Mastercard Inc. have built blockchain payment platforms and PricewaterhouseCoopers, Nasdaq Inc. and Digital Assets developed blockchains for trading stocks and securities. According to a report from CB Insights, since 2012 companies building blockchain-based networks have raised over $1.2 billion in venture capital.

Libra intends to use its new funding to continue expanding the Libra Enterprise Platform and develop new applications and data services. The lead investor of this funding round was not named — cited as only as a prominent, multibillion-dollar European family office — but other participating investors included Liberty City Ventures, cryptocurrency consulting firm XBTO, Boost VC and Lee Linden.

This funding round brings the total capital raised by Libra, which recently relocated to New York City, to nearly $10 million. The company previously raised $2 million in seed funding led by Liberty City Ventures and Fenbushi Capital.

Image: Libra