{"id":64459,"date":"2022-07-15T16:34:04","date_gmt":"2022-07-15T13:34:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64459"},"modified":"2025-09-06T14:35:03","modified_gmt":"2025-09-06T11:35:03","slug":"5ire-raises-100-million-for-sustainable-blockchain-development","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/5ire-raises-100-million-for-sustainable-blockchain-development\/","title":{"rendered":"5ire raises $100 million for sustainable blockchain development"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/3<a href=\"https:\/\/twitter.com\/hashtag\/5ire?src=hash&#038;ref_src=twsrc%5Etfw\">#5ire<\/a> is now one of the world\u2019s fastest <a href=\"https:\/\/twitter.com\/hashtag\/unicorn?src=hash&#038;ref_src=twsrc%5Etfw\">#unicorn<\/a>, valued at $1.5B after a $100M funding from UK-based <a href=\"https:\/\/twitter.com\/srammram?ref_src=twsrc%5Etfw\">@srammram<\/a> group!<a href=\"https:\/\/twitter.com\/pratikgauri?ref_src=twsrc%5Etfw\">@pratikgauri<\/a> <a href=\"https:\/\/twitter.com\/prateek_fire?ref_src=twsrc%5Etfw\">@prateek_fire<\/a> <a href=\"https:\/\/twitter.com\/cryptoideas?ref_src=twsrc%5Etfw\">@cryptoideas<\/a> <a href=\"https:\/\/t.co\/9exGAWNT0d\">pic.twitter.com\/9exGAWNT0d<\/a><\/p>\n<p>\u2014 5ireChain (@5ireChain) <a href=\"https:\/\/twitter.com\/5ireChain\/status\/1547786056858497025?ref_src=twsrc%5Etfw\">July 15, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The round was led by the conglomerate Sram &#038; Mram.<\/p>\n<p>In the seed round, the startup raised $21 million from Alphabit, Marshland Capital and other investors at a valuation of $110 million.<\/p>\n<p>The firm plans expansion into Asia, North America and Europe, while maintaining core operations and a development focus in India.<\/p>\n<p>Proof-of-Benefit is based on incentivising practices aligned with the Sustainable Development Goals laid out by the United Nations General Assembly in 2015.<\/p>\n<p>5ire aims to broaden the capabilities of <a href=\"https:\/\/forklog.news\/cryptorium\/chto-takoe-dao-detsentralizovannaya-avtonomaya-organizatsiya\/\">\u0414\u0410\u041e<\/a> and working groups to implement them and to be at the forefront of the Fifth Industrial Revolution.<\/p>\n<p>The mainnet launch was scheduled for November 2022.<\/p>\n<p>In an interview with CoinDesk, founder and chairman Sailesh Hiranandani of Sram &#038; 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.<\/p>\n<p>Earlier, Binance chief Changpeng Zhao said that India was ready to \u201cbecome a leader in blockchain and cryptocurrency\u201d.<\/p>\n<p>ForkLog previously reported on Velas<a href=\"https:\/\/forklog.news\/perehodi-na-bystruyu-storonu-kak-perenesti-prilozhenie-s-evm-chejna-na-velas\/\"> \u043e \u0431\u043b\u043e\u043a\u0447\u0435\u0439\u043d\u0435 Velas<\/a>, which uses a hybrid consensus algorithm of Proof-of-History\/Proof-of-Stake.<\/p>\n<p>More about the project can be read in our<a href=\"https:\/\/forklog.com\/en\/news\/what-is-velas\"> educational cards<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[25,1133],"class_list":["post-64459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"106","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=64459"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64459\/revisions"}],"predecessor-version":[{"id":64460,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64459\/revisions\/64460"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=64459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=64459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=64459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}