A Dubai (UAE)-based firm 5ire closed a Series A round of $100 million at a valuation of $1.5 billion. The funds will be directed toward developing an eco-friendly blockchain based on Proof-of-Benefit.
1/3#5ire is now one of the world’s fastest #unicorn, valued at $1.5B after a $100M funding from UK-based @srammram group!@pratikgauri @prateek_fire @cryptoideas pic.twitter.com/9exGAWNT0d
— 5ireChain (@5ireChain) July 15, 2022
The round was led by the conglomerate Sram & Mram.
In the seed round, the startup raised $21 million from Alphabit, Marshland Capital and other investors at a valuation of $110 million.
The firm plans expansion into Asia, North America and Europe, while maintaining core operations and a development focus in India.
Proof-of-Benefit is based on incentivising practices aligned with the Sustainable Development Goals laid out by the United Nations General Assembly in 2015.
5ire aims to broaden the capabilities of ДАО and working groups to implement them and to be at the forefront of the Fifth Industrial Revolution.
The mainnet launch was scheduled for November 2022.
In an interview with CoinDesk, founder and chairman Sailesh Hiranandani of Sram & Mram predicted that governments and large corporations would adopt a Proof-of-Benefit-based blockchain. As an example, he cited the immigration application being developed by the Malaysian authorities.
Earlier, Binance chief Changpeng Zhao said that India was ready to “become a leader in blockchain and cryptocurrency”.
ForkLog previously reported on Velas о блокчейне Velas, which uses a hybrid consensus algorithm of Proof-of-History/Proof-of-Stake.
More about the project can be read in our educational cards.
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.