The firm is utilizing the for-benefit paradigm by boosting the use of the United Nations' SDGs for its users.
5ire, a blockchain Layer-1 network unicorn, has recently announced that it raised $100M in a Series A funding round, valuing the firm at $1.5B, to boost its presence in the growing crypto-driven market.
According to the official announcement issued on July 15th, the startup will leverage the fresh capital to expand into North America and Europe, as well as Asia. On top of that, 5ire is expected to develop its fastest-growing blockchain in India and boost its headcount by 100 employees across marketing and engineering fields.
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The funding of the fifth-generation blockchain network, seeking to highly incentivize the utilization of United Nations’ SDGs for its users, was led by UK-based conglomerate Sram & Mram, specializing in artificial intelligence (AI), agriculture, media and publishing, hospitality, hedge fund management, and IT fields. Pratik Gauri, the CEO, and co-founder of 5ire, recently noted:
“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.”
5ire is also planning to purchase businesses that believe in the fifth industrial revolution, Gauri stated.
The founder of Sram & Mram Sailesh Hiranandani mentioned that 5ire’s blockchain will eventually be used by the government in the upcoming future, as the Far East started utilizing blockchain technology more and more. He also added that the partnership between the two crypto-driven giants will benefit Sram & Mram in communicating “on blocks as we deal with various countries and have offices in over 8 countries.”
Last year, 5ire, founded in 2021 by Indian entrepreneurs Prateek Dwivedi and Vilma Matilla, also collected $21M in its seed round led by Alphabit, Moonrock Capital, and Marshland Capital.
The firm expects to get through the current crypto bear market by acting as a bridge between blockchain and sustainability.
