At a time when crypto markets don’t look well, it is a difficult time for crypto firms and startups. However, 5ire, an upcoming layer-1 blockchain network has raised $100 million in Series A funding.
UK-based conglomerate Sram and Mram invested in the blockchain network as per a statement issued by the company. Incorporated in Dubai, 5ire plans to use the funds to expand into Asia, North America, and Europe. Moreover, the network looks at India as the hub of operations and core area of focus.
From this latest investment, the valuation of 5ire comes up to $1.5 billion. this makes it the world’s first blockchain unicorn with sustainability at its core. According to them, it is the fastest blockchain growing in India.
CEO and co-founder Pratik Gauri said that the network’s business model embeds the for-benefit paradigm by highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDG). The company calls this implementation Proof-of-Benefit.
Gauri added that the network will empower decentralized autonomous organizations (DAO) along with working groups to accelerate the U.N.’s 17 SDG goals.
Talking about the investor, founder and chairman Sailesh Hiranandani said that 5ire’s blockchain is one that “governments and large corporations will use” shortly. He 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 which is sustainable is ideal and 5ire being a sustainable blockchain is perfect for us”.