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Cypherium, a company-focused Distributed Ledger Tech (DLT) platform that aims to facilitate interoperability between blockchain and central bank digital currencies (CBDC), revealed on November 18, 2020 that it has finalized its public sale round and has now acquired $ 28 million in capital through the sale of its native token, CPH.
The Cypherium Token (CPH) is described as a “utility” token that can be used to allocate network resources to participants. The token works in a similar way to how the Ethereum (ETH) gas mechanism works.
Cypherium confirmed that it has completed three rounds of fundraising, which helped the company raise $ 28 million (in total). Cypherium acquired $ 3.5 million from a public sale in October 2020. It also secured $ 24 million which reportedly came from the September 2018 pre-sale led by several institutional investors including Pantera Capital, Blockfolio and Qtum.
Cypherium said it will use the funds raised to continue working on the implementation of its interoperable platform which aims to support CBDC innovation by promoting Open Banking projects and related infrastructure that will be “rooted” in central bank digital currencies.
The Cypherium team also plans to “continue to unlock all features of the HotStuff Fault Tolerant Byzantine replication protocol used by Cypherium for scalability and speed.”
As mentioned in a statement shared with Crowdfund Insider:
“Cypherium [aims to] to be the first public, permissionless network to provide the speed and security of the HotStuff algorithm to its users, usually reserved for specialized sectors, but now made available for full public consumption. “
Sky Guo, CEO of Cyhperium, noted that the capital increase is an “important validation” for their technology stack, team members and the overall vision behind the Cypherium project. Guo also said it was the latest in many milestones for the initiative, which recently launched its mainnet.
Guo noted:
“Thanks to everyone who has contributed to our success so far and we look forward to welcoming the next generation of supporters and users to the Cypherium community.”
Paul Veradittakit, partner of Pantera Capital, known for supporting initiatives such as Ripple, ShapeShift, OmiseGo, said that, as one of the first supporters of the Cypherium project, his team is “delighted with the success that [Cypherium] continues to reach and the [potential] impact they will have on both central banks and businesses as they continue to leverage blockchain to achieve their digital transformation goals. “
Several reserve banks and municipalities are reportedly offering solutions developed on the Cypherium blockchain network, such as the Suzhou City Municipal Government which has committed to an MOU with Cypherium in order to help “realize its ambition to become the main blockchain district of China “.
The Cypherium team is also focusing on providing Blockchain-as-a-Service (BaaS) solutions. It can work with tech giants IBM, Google Cloud, Amazon, IC3, Randstad, Société Générale and OMFIF.
Cypherium will take part in the Microsoft Startup Program, where CEO Sky Guo intends to join Microsoft’s BaaS program.
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