India’s sustainable Blockchain unicorn: 5ire raises $100m for expansion
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.
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