A blockchain project backed up USD 102 million in funding from the public investors

A blockchain project backed up USD 102 million in funding from the public investors

In an attempt to develop an Internet Computer, a decentralized cloud startup raised about USD 102 million to further extend its work in the mission and vision of the company. Dfinity is a Switzerland-based company that is working to build a decentralized cloud computing platform. Dfinity saw investments from Multicoin Capital, SV Angel, Aspect Ventures, Village Global, Amino Capital, and many more investors.

A blockchain project backed up USD 102 million in funding from the public investors
A blockchain project backed up USD 102 million in funding from the public investors

Throughout the year Dfinity has claimed to raise about USD 200 million so far for the blockchain project, earlier in the month of February it raised a fund of USD 60 million and from there on a small amount of funds had been showered on the company, but this huge investment from the investors is overwhelming for the company since they didn’t expect this amount of investment.

As the company has planned to take the projects publicly i.e. accessible to the general public for the betterment of society and has already started publishing the demonstration to the public from the usage point of view.

The spokesperson from the company said that with this new technology-enabled the next generation of software and services could be achieved, apart from this the network would be more secure and cheaper to operate by the public.

The founder and chief scientist Dominic Williams, says that this is the first time for a startup to witness the overwhelming response from the investors, as all the employees truly believe in providing absolute quality in services and support to the public. As a blockchain project like this requires the resources to deploy the operational functionality of the project, so the company thought of getting it done from the potential investors. After pitching out the idea to the investors about the project, the company got an overwhelming response for the investment.

There are a handful of blockchain initiatives that have raised more than $100 million from public investors. Here are some instances:

In 2018, the Swiss company Melonport, which creates blockchain-based investment products, raised USD 102 million in a Series A funding round.

In 2019, Ripple, a company based in San Francisco that develops blockchain-based payment solutions, raised USD 100 million in a Series C funding round.

In 2018, the New York-based blockchain software developer ConsenSys raised USD 100 million in a Series D funding round.

These initiatives have received substantial funding from public investors because they are believed to have the potential to disrupt established industries and create new markets.

Melonport, for instance, is creating a blockchain-based platform that enables investors to construct and manage their own investment portfolios.

Ripple is developing a blockchain-based payment system with the potential to replace SWIFT. ConsenSys is also developing a number of blockchain-based software products, such as a decentralized application (DApp) store and a blockchain-based identity management system.

The success of these initiatives will depend on a variety of factors, such as the advancement of blockchain technology, the regulatory climate, and the adoption of blockchain-based products and services by businesses and consumers. However, the fact that these initiatives have been able to secure substantial funding from public investors indicates that there is a great deal of interest in blockchain technology’s potential.