Cypherium Concludes Public Sale Bringing Total Raise to $28m
- 18.11.2020 10:03 pm
Cypherium, the enterprise-focused blockchain platform facilitating interoperability between blockchains and Central Bank Digital Currencies (CBDCs), has today announced the company has concluded its public sale round and has now raised $28m through the sale of its native token, CPH.
The Cypherium Token (CPH) is a utility token for allocating network resources to participants and operates similar to how Ethereum’s gas mechanism works.
Cypherium has now executed three rounds of fundraising, taking their total capital raised to $28m — $3.5 million from a recent public sale last month, $24 million which came from their September 2018 pre-sale led by institutional investors such as Pantera Capital, Blockfolio, and Qtum.
The proceeds of the capital raise will be used to accelerate the implementation of Cypherium’s interoperable platform that aims to foster CBDC innovation by encouraging open banking initiatives and infrastructure to be ingrained into CBDCs. As well as continuing to unlock the full capabilities of the HotStuff byzantine fault-tolerant replication protocol utilised by Cypherium for scaling and speed. Cypherium will be the first public and permissionless network to deliver the speed and security of the HotStuff algorithm to its users - usually reserved in specialized industries, but now made available for full public consumption.
“Our capital raise is an important validation for our technology, team, and vision behind Cypherium, and the latest of many milestones for the project, which shipped its mainnet last month. Thank you to everyone who has contributed to our success thus far, and we look forward to welcoming the next generation of supporters and users into the Cypherium community,” said Sky Guo, CEO of Cyhperium.
“As an early supporter of the Cypherium project, we are delighted with the success they continue to achieve and the impact they will have on both central banks and enterprises as they continue to leverage blockchain to meet their digital transformation goals,” said Paul Veradittakit, Partner from Pantera Capital - who is well-known for backing hugely successful projects–Ripple, ShapeShift, OmiseGo, Polychain Capital are all part of its portfolio.
A number of central banks and municipalities are already deploying solutions built on the Cypherium blockchain, including Suzhou City Municipal Government who signed an MOU with Cypherium earlier in the year to help fulfil its ambition to become China's leading blockchain district.
The team is also pivoting towards Blockchain-as-a-Service (BaaS), intending to corner the blockchain market, through a number of strategic collaborations with IBM, Google Cloud, Amazon, IC3, Randstad, Société Générale and OMFIF. Cypherium recently joined the Microsoft Startup Program, where CEO Sky Guo plans to become part of Microsoft's BaaS within the next few months.