[ad_1]
Hybrid blockchain platform Orbs has raised over $ 15 million in cryptocurrency with the help of South Korea's Kakao app provider.
A Kakao representative told CoinDesk that his investment arm has joined the funding effort because "he always tries to invest and support innovative startups and the spheres are a good example".
The startup raised 139,000 ethers ($ 12,371,000) and 892 bitcoins ($ 3,017,026), which is approximately $ 15.4 million from the time of printing.
Orbs is building a public blockchain that describes itself as a second "universal" and "scalable" layer for decentralized applications with "the liquidity of a base layer".
With the fundraising effort now completed, Orbs will further invest in research and continue to develop its core technology, said Orbs president and co-founder Daniel Peled.
Peled explained:
"Many of the funds have been used for research and development and research and one of the other verticals that are very important is obviously to allow the growth of the ecosystem around the infrastructure … The test product is already active and people can use the APIs and we've released a testnet version. "
The mainnet is scheduled to go live in April 2019.
According to a blog post by Orbs, the investment is an extension of its existing partnership with Kakao's subsidiary blockchain Ground X, which sees the two companies collaborate on blockchain applications and research and development projects.
Orbs handled his fundraising in the last year, converting some of the cryptocurrencies raised in shares along the way to avoid market decline since January.
"I think one of the things that the Orbs did well is to be responsible for the funds, so we covered a lot of funds in fiat, we paid the salaries in fiat, in shekel," Peled explained.
At the current rate of incineration, he projects that the orbs have sufficiently full funds to operate for another seven years without further fundraisers.
Image bubbles through Shutterstock
[ad_2]Source link
