Quai Network Raises $8M From Polychain Capital
Quai Network is excited to announce an investment of $8M from Polychain Capital, a renowned US crypto venture capital firm.
Since the start of Quai Network, our team has worked relentlessly to build a revolutionary blockchain platform. As a small team, we are extremely proud of our two successful Testnets (Stone Age / Bronze Age) and the incredible community we’ve built since November.
Today, Quai Network announces that we have received $8 million in funding from Polychain Capital, one of the leading crypto VC firms in the US. This investment marks a monumental milestone for Quai, as it will allow us to grow our team and community tremendously.
“This partnership allows our team to go into overdrive as we prepare for mainnet and create a revolutionary blockchain experience. With Polychain Capital as an investor, we are confident in our ability to bring the next billion users into Web3.0.” says Alan Orwick, CEO at Dominant Strategies.
Polychain Capital has a long history of successful partnerships within the crypto ecosystem, and we are looking forward to working with them to ensure Quai Network’s successful development and launch.
“We see Quai Networks’ unique approach to scalability as a fundamental shift to how blockchain technology will operate in the future. Quai’s merge-mined, proof-of-work, hierarchy of chains creates a new type of highly scalable, yet incredibly open and decentralized, platform for builders.” says Olaf Carlson-Wee, Founder and CEO of Polychain Capital.
Looking forward, we will be adding additional team members as we approach the conclusion of the Bronze Age Testnet and the beginning of the Iron Age Testnet. Our active job listings can be found here.
In addition to the funding, we have seem immense success with our Bronze Age Testnet. Reaching over 1.5M total blocks, 100K transactions, and 1,700 nodes across the globe all in a span of 30 days. It’s easy to see that the Bronze Age Testnet was one for the record books. This historic checkpoint for us catapults Quai Network within the top 10 most decentralized blockchain networks.
With the assistance of Polychain Capital, there is a bright future ahead as we continue on our mission to build the world’s blockchain.
Join us to build a better blockchain.
Quai Network is an open-source Proof-of-Entropy-Minima blockchain network utilizing the capabilities of merged mining to increase throughput and security. Users of Quai Network will enjoy fast transaction times without compromising decentralization and security. Miners will have competitive mining opportunities across the many blockchains within the network.
Capable of thousands of transactions per second, the Quai Network is a new solution to scalability that is soon to be ready for mainnet release.
Disclaimer
Opinions, ideas, and statements shared in this update are delivered with numerous assumptions, risks, and uncertainties which are subject to change over time. There are multiple risk factors, including those related to blockchain, cryptographic systems, and technologies generally, as well Quai’s business, operations and results of operations, that could cause actual results or developments anticipated not to be realized or, even if substantially realized, to fail to achieve any or all of the benefits that could be expected therefrom. We reserve the right to unilaterally, completely, or partially change plans, expectations, and intentions stated herein at any time and for any reason, in our sole and absolute discretion, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. ACCORDINGLY, WE RECOMMEND THAT YOU DO NOT RELY ON, AND DO NOT MAKE ANY FINANCIAL DECISION OR INVESTMENT BASED ON, THE STATEMENTS CONTAINED IN THIS UPDATE OR ANY OF OUR UPDATES/ARTICLES — INCLUDING BUT NOT LIMITED TO ANY SELLING OR TRADING OF QUAI TOKENS, ETHER, OR ANY OTHER CRYPTOGRAPHIC OR BLOCKCHAIN TOKEN, OR THE SECURITIES OF ANY COMPANY.
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