Sustainable development-focused blockchain startup 5ire received US$10 million in private equity funds

The main proposition of 5ireChain is based on the consensus mechanism based on nPoS and its core technology “Proof of 5ire”. By integrating sustainability and social impact at the consensus mechanism level, this technology gives economic rewards to organizations that support sustainable practices and empowers these organizations.

According to official reports, 5ire, a blockchain-driven sustainable development startup, has received US$10 million in private equity financing, including some well-known venture capital institutions and high-net-worth individuals. According to the released statement, Sanctum Global Ventures, Marshland Capital, Alphabit, Launchpool, Moonrock Capital, Magnus Capital and Oracles Investment Group and more than 25 other well-known blockchain venture capital companies participated in this round of financing.

According to insiders, the startup will use the funds to consolidate its technological infrastructure, expand and strengthen its workforce, accelerate product development and strengthen its marketing efforts. Part of the funds will also be used to expand the 5ire ecosystem itself.

5ireChain is a first-level high-performance distributed computing platform with rich runtime functions and oriented towards consensus-level sustainability. Its technology stack provides protocol-level SDG oracles, cross-chain interoperability, Metaverse, WebAssembly and EVM smart contracts, real-time economic data collection, IoT telemetry, AR/VR, smart sensors and incentive AI SDG analysis.

By 2021, we have witnessed the massive adoption of blockchain by institutions-from finance to loans, payments and identity verification, to digital collectibles and governance. However, this adoption also shows that investors and companies are leaning toward venture capital that can generate the most profit. There is an urgent need to accelerate the adoption of blockchain and cooperate to pilot blockchain technology to mature and achieve mass adoption. The large-scale adoption of blockchain has encountered some stumbling blocks, including low awareness, resistance to trying emerging technologies to solve real-life problems, and the complexity of the underlying technology. As a sustainable development-oriented and blockchain-based ecosystem, 5ire seeks to cooperate with outstanding participants in the commercial and non-commercial fields to solve the world’s most pressing problems.

Pratik Gauri, co-founder and CEO of 5ire, said: “These investments should not only be seen as financial capital, but as strategic partnerships with a lot of experience, relationship capital and credibility.” He added “This is an important milestone for the team. It will enable the company to advance its expansion and make crypto assets available to everyone by using blockchain technology to build the first truly sustainable ecosystem ever. Ideology.”

The innovation being developed by 5ireChain is based on its nPoS-based consensus mechanism and its core technology “Proof of 5ire”. By integrating sustainability and social impact at the consensus mechanism level, this technology gives economic rewards to organizations that support sustainable practices and empowers these organizations.

5ireChain is committed to achieving a paradigm shift from a for-benefit economy to a for-benefit economy by establishing the first blockchain-based profitable ecosystem. It hopes to become a leading ecosystem for solving sustainable development issues, thereby leading the fifth industrial revolution, sustainable development and supporting the United Nations’ 17 Sustainable Development Goals (SDGs).

Prateek Dwivedi, the co-founder and chief marketing officer of 5ire, said in a statement, “5ire is destined to change the economy in the near future, increase economic transparency, and build a potentially huge and transformative service for society, the economy and the environment. ecosystem.”

Contrary to the dehumanization, technology, and innovation trends of the Fourth Industrial Revolution, best practices need to return to serving humanity. When organizations and societies surpass the Fourth Industrial Revolution, we need to make “conscious choices” to ensure that we create a society where we can make profits and achieve our goals, while mankind can also prosper together.

Organizations must remain profitable in order to achieve their goals, grow their business and expand their staff. As a collective after the Fourth Industrial Revolution, it is time to integrate individual goals and passions with a shared vision and cultivate a community of actions to integrate goals and release our potential potential. 

“We are very proud to be able to work with companies that share our vision. We are very happy to work with 5ire because they align with our passion and commitment to achieving the United Nations Sustainable Development Goals (SDG). Working together, we can Have a huge impact on a global scale.” said Rico Pang, co-founder and CEO of Sanctum Global Ventures.

“The leadership team of 5ireChain has shown us a passionate vision of using blockchain and other evolving technologies to solve some of the biggest problems in our world. There is an urgent need for business leaders in our world to influence influential changes. On this occasion, this mission is inspiring and contagious. Marshland Capital is honored to work with this great team to support this vision.”

Last week, the startup recently announced a series of initiatives, including the expansion of the 5ire ecosystem-consisting of multiple departments to serve the greater mission of blockchain development, including exchanges, wallets, NFT/yuan The universe market and a security department.

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