A layer 1 network with ethics built into its very foundation, 5ire has managed to raise $100 million through a Series A funding round from Sram and Mram, a UK-based conglomerate with a globe presence and leading capabilities in agro-tech and IT.
India’s sustainable Blockchain unicorn: 5ire raises $100m for expansion
Vilma Mattia, co-founder of 5ire, at AIBC Asia 2022
With the plan being that the funds be used to fuel expansion in Asia, North America and Europe, 5ire managed to achieve unicorn status when Sram and Mram valued 5ire at $1.5 billion. Part of this is due to 5ire’s novel business model built upon a for-benefit paradigm, imbuing a strong synergy into projects which align with the SDGs. This protocol is referred to by the venture as “Proof of Benefit.”
Pratik Gauri, who co-founded 5ire with Prateek Dwivedi and Vilma Matilla, stated that 5ire seeks to lay the foundation for the 5th Industrial Revolution. By going beyond the paradigm of a solely profit-based system, he believes the 5th Industrial Revolution would be a value based system with sustainability at its heart.
“The secret sauce of our idea is to not use Proof-of-Stake or Proof-of-Work but instead reward sustainable behavior by using Proof-of-Benefit.”
The founder and chairman of Sram and Mram, Sailesh Hiranandani, elaborated in length about the potential that 5ire had for public sector entities and private firms, especially in locations where Blockchain adoption is growing exponentially. In correspondence with CoinDesk, he wrote that;
“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. This will benefit our group to communicate on blocks as we deal with various countries and have offices in over 8 countries.”
Information sourced from CoinDesk.
Join us in Belgrade, Serbia from the 22-25th August:
With the peninsula being known for its natural beauty, rich cultural landscape and fantastic delicacies, the Balkans are renowned for having some of the most quintessentially Mediterranean vistas and experiences. From the Adriatic coastline of Split to the fairytale-esque castle of Lake Bled, the region has a lot to offer the world. This being said, something that fewer may know is the fact that the nations of the Balkans are incubating a nascent but powerfully growing technical expertise when it comes to frontier technology such as Blockchain, GameFi, AI and more. Therefore the region may not only be a rich adventure into the past but my also serve as a window into the very near future.
Join us in Belgrade for the best the industry has to offer and for a window into the future of Deep Tech. To learn more about sponsorship and speaking opportunities or to inquire about attending the event, please contact Sophie at [email protected]