United States-based blockchain and software development firm Orchid Labs has raised another $7 million within its latest private offering, according to a blog post published on May 7.
Following the new raise, Orchid now has secured $43 million out of targeted funding of around $125 million, as the firm specified in a filing to the U.S. Securities and Exchange Commission in April 2018.
In the filing, Orchid revealed that the company raised $36.1 million via a Simple Agreement for Future Tokens by that time.
Founded in 2017, Orchid is developing an open-source decentralized and surveillance-free internet protocol intending to provide anonymized internet access to the global community.
The project has a particular focus on people who live in countries with excessive intrusion in browsing by the government.
In the recent announcement, Orchid noted that its mission is to create a protocol governing a "Decentralized marketplace with a commodity specification for bandwidth." Specifically, the firm stated some key elements that would be included in the marketplace, such as a second layer payment solution dubbed "Probabilistic Micropayments" and a Medallion system for bandwidth providers that provides the Ethereum network with Sybil resistance.
In 2017, the San Francisco-based startup had previously raised $4.7 million in a separate seed funding round.
Earlier in May, Andreessen Horowitz separately raised $2.75 billion in order to launch two new crypto-related funds.
Orchid Labs Secures $7 Mln Towards Development of Protocol to End Internet Surveillance
pubblicato su May 8, 2019
by Cointele | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.