What’s Going On?
US-based Hedera Hashgraph has raised $100 million from institutions and high net worth individuals in a deal that values the company at $6 billion.
Why Does It Matter?
Move over blockchain, wrote VentureBeat. The company’s “hashgraph consensus” technology is a fancy term for a new distributed public ledger that it is claimed can function much faster, more securely, and at a larger scale than current blockchain technologies.
Hedera Hashgraph’s management team and most of its employees invested over $10 million in the investment round on the same terms as those applied to outside investors, reported Crowdfund Insider.
What’s In The Pipeline?
The deal was announced on Wednesday and provides Hedera with a $6 billion valuation based on the funding, reported the Dallas Business Journal. The company is set to provide investors with tokens that can be used on the Hedera platform, with the total supply reported to be around $600 million.
“We are seeing tremendous demand for our fast, fair, and secure public network,” said Mance Harmon, co-founder and CEO of Hedera. “With this funding, we will be able to accelerate development of key services to be provided by Hedera – including a cryptocurrency, file storage service, and smart contract platform – to help make it not only what we believe is the fastest and most secure public ledger available, but also the most feature-rich for developers looking to build highly decentralised apps.”