Crypto

5ire Raises $100 Million for Sustainable Blockchain Expansion

Published on: 15 July 2022 11:44 AM
by KnowESG
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Blockchain layer 1 network 5ire raised $100 million in Series A funding from U.K.-based conglomerate Sram and Mram.

Dubai-based 5ire stated in a news release that it intends to use the funds to grow into Asia, North America, and Europe while keeping India as its operational hub and primary focus.

The fundraising valued 5ire at $1.5 billion, making it perhaps the world's first blockchain unicorn with sustainability at its core as well as India's fastest-growing blockchain, the company claimed.

Pranav Gauri, CEO and co-founder of 5ire, stated that the company's business plan seeks to entrench the for-benefit mindset by significantly encouraging activities that match the United Nations Sustainable Development Goals (SDG). The organisation refers to the implementation as Proof-of-Benefit.

Gauri noted that 5ire would enable decentralised autonomous organisations (DAO) and working groups to expedite the fulfilment of the United Nations' seventeen Sustainable Development Goals (SDG).

Sailesh Hiranandani, the founder and chairman of Sram & Mram, said: 

"The Far East is very proactive and keen on adopting blockchain, like Malaysian Immigration and The Health Card app. We feel entry into the market with a layer 1 partner who is sustainable is ideal, and 5ire, being a sustainable blockchain, is perfect for us. This will benefit our group to communicate on blocks as we deal with various countries and have offices in over 8 countries."

Sram & Mram consists of 10 firms in over 35 locations. Agriculture, artificial intelligence, hedge fund management, media and publishing, hospitality, and IT are among its interests.

Gauri co-founded 5ire with fellow Indians Prateek Dwivedi and Vilma Matilla in August 2021. He added that Gauri and Dwivedi, who have been friends for more than a decade, conceived the concept in an Indian tea shop while scribbling on a napkin.

In October, the company's seed round raised $21 million with participation from Alphabit, Marshal Capital, and Moonrock Capital, among others.

The company embodies the fifth industrial revolution, according to Gauri, who added, "The secret sauce of our notion is not to employ Proof-of-Stake or Proof-of-Work, but rather to reward sustainable behaviour with Proof-of-Benefit."

Source: CoinDesk

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