5ire Attracts $100M to Build a Sustainable Blockchain
5ire, a Dubai-based company, has recently completed a $100 million Series A funding round led by the Sram & Mram conglomerate and has hit a $1.5 billion valuation.
According to the company, the funds will be used to develop an environmentally friendly Proof-of-Benefit blockchain.
As part of the seed stage, the startup raised $21 million from Alphabit, Marshland Capital and other investors at a $110 million valuation.
The company has reported that it plans to expand into Asia, North America and Europe while maintaining core operations and development focus in India.
We should remember that Proof-of-Benefit is based on stimulating practices related to the sustainable development goals developed in 2015 by the UN General Assembly.
5ire hopes to empower DAOs and working groups to implement them and be at the forefront of the fifth industrial revolution.
The launch of the project’s main network is scheduled to take place in November.