Indian blockchain firm 5ire secures $100M to fund sustainability-focused project

An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to drive its development.

The project has now attracted a total of $121 million in investment. A seed round secured $21 million from notable tech investors including Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital. 5ire presents a novel use case for blockchain technology that looks to promote practices that are aligned with United Nations SDGs. Its 5ireChain network is described as a first-layer, sustainability-driven and fifth-generation5ireChain is operated by a unique “sustainable proof of stake consensus protocol,” which will rank node validators based on the number of sustainable and ESG practices they follow.

gazza_jenks

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5ire Raises $100M to Fund Expansion of Sustainable BlockchainThe founders of 5ireChain came up with the idea of a sustainability-focused blockchain company at a tea shop, and within 11 months of starting raised $100m to become a unicorn. By amitoj. 5ireChain amitoj 😈 Thanks you veryy much_,, qjsth 5ireChain amitoj Crypto bubble in one tweet
Source: CoinDesk - 🏆 291. / 63 Read more »