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Sustainability Driven Ecosystem, 5ireChain, raises another $1.5 Million in their latest round to reach $2.7 Million total funding to date

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Sustainability Driven Ecosystem, 5ireChain, raises another $1.5 Million in their latest round to reach $2.7 Million total funding to date

October 04
18:43 2021
Proceeds will help the company to aggressively expand its sales and ‎marketing efforts, as well as broaden and accelerate product ‎development.

5ireChain, the world’s first sustainable blockchain, announced today it has raised $1.5 million in its second round of private sale. Per the spokesperson at 5irechain, Launchpool Web3 Accelerator, Alphabit Fund & Magnus Capital led the funding round with participation from X21 Ventures, Coach K, Brotherhood Capital, and prolific high profile angel investors. 

This comes just one week after the company’s $1.2 million fundraise, which included one round of angel funding and one round of private sale. The new round of funding brings the total amount raised to $2.7 Million. 5irechain’s final private sale 3 of $2.5m is open for allocations from today. 

5ireChain is preparing to launch the first-ever “Sustainable Distributed Computing Platform” – a blockchain solution capable of high transaction throughput and subsecond finality, while offering strong cross-chain interoperability, scalability, and decentralization features.

5ireChain is a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level.

Founded by serial impact entrepreneur Pratik Gauri, veteran internet marketer Prateek Dwivedi & renowned blockchain VC Vilma Mattila, 5ireChain claims to be the fastest and most scalable blockchain, thanks to its core technology, the “Proof of 5ire” consensus mechanism, which also integrates sustainability & social impact at the consensus mechanism level by empowering companies to build, adapt and get rewarded for their sustainable practices. 5ireChain, according to the team’s press release, will have a transaction processing speed (TPS) of 40,000 Tx/s.

Discussing the investment, 5ireChain’s Co-founder and CMO Prateek Dwivedi said that the firm aims to “accelerate the development of the 5ireChain ecosystem.” 

“We invite the community to deploy their Dapps on our ecosystem, that offers near-free gas consumption with high transaction throughput, sub-second transaction finality, and interaction capabilities with the runtime”, added Vilma Matilla, 5ireChain’s CBO. 

“We’ve seen the challenges that the blockchains are facing with regards to sustainability, and we’re excited to give them an incredibly simple alternative with enhanced performance,” said Pratik Gauri, 5ireChain’s Co-founder and CEO. 

“The 5ireChain team is building towards a better tomorrow with a sense of urgency that Magnus Capital is proud to support. From limiting the stress on our planet’s climate by using a more friendly governance mechanism, to providing a fairer distribution of rewards to its users and “validators”. 5ireChain is imperative in our goal of moving into a cleaner and more unified future.”, said Jon, cofounder at Magnus Capital.

“The way 5ireChain team articulated their value proposition immediately caught our attention and demonstrated how highly experienced this team is in their subject matter. We are honored to support them & can’t wait to witness a more environmental-friendly future led by 5ire”, said Shane McQuillan, VP Strategy of Alphabit Fund.

About 5ireChain

5ireChain is the world’s first sustainability-driven blockchain platform that allows enterprises to be more sustainable & innovative, therefore accelerating the implementation of the United Nations’ 2030 Agenda for Sustainable Development.

5ireChain is a fifth-generation blockchain that aims to bring a paradigm shift from a for-profit to a for-benefit economy. 5ireChain is on a mission to cater to the never-before solved problem of sustainability, and create a platform to transform the businesses from the current Industry 4.0 to Industry 5.0 – where businesses act as a force for good; and profits & benefits co-exist. 

You can find more information about 5ireChain by visiting the links provided below:

Media Contact
Company Name: 5ire
Contact Person: Vilma Mattila
Email: Send Email
Country: United Kingdom

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