Quai Network Receives $2M from Alumni Ventures
In the aftermath of a wildly successful Bronze Age Testnet, and an $8m raise from Polychain Capital, Quai Network is excited to announce the receipt of $2m in funding from Alumni Ventures.
Alumni Ventures is the third most active Venture Capital Fund in the world, with a dedicated Blockchain Fund for exploration into crypto and Web3 related investments. Offering a network of over 600k experts and investors with years of experience, we believe this marks the beginning of a valuable and successful partnership with Alumni Ventures.
“Quai is taking a novel approach to solving the blockchain trilemma through its shared security via merge mining across its integrated rollups. We are excited to see them appeal to all web3 applications as apps seek high TPS blockchains with better decentralization and security”
- Ray Wu (Managing Partner) and Jack Statza (Principal), Alumni Ventures Blockchain Fund
These funds, in addition to the $8m received from Polychain Capital, will be used to continue expanding the Quai Network team, along with securing an office space, podcasting setup, improved frontend infrastructure, and more.
The constantly-growing Quai team is kicking into overdrive as the network approaches the Iron Age Testnet, the third of five planned Testnets. Improved cross-chain settlement times, smart contract capabilities, a native wallet, and more have been prioritized based on results from the Bronze Age Testnet.
“Alumni Ventures is a great strategic partner for Quai Network due to their extensive connections in the blockchain industry. Bringing them into the Quai Network ecosystem will open many doors for future growth” says Alan Orwick, CEO at Dominant Strategies.
Moving forward, Quai Network plans to be increasingly selective with strategic partnerships, ensuring new partners meet the high bars set by Polychain Capital and Alumni Ventures. We look forward to bringing future partners that bring significant traction to Quai Network.
Our team has been hard at work building behind the scenes, and can’t wait to share what they’ve been working on with the Quai community in the Iron Age Testnet.
Join us to build a better blockchain.
Quai Network is an open-source Proof-of-Entropy-Minima (PoEM) 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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