Concordium, a privacy-focused blockchain, has just completed its fourth round of funding in which the company raised $ 36 million; this pushed the blockchain company’s valuation to about $ 1.5 billion. The funding round focused on the private placement of its cryptocurrency GTU.
The capital raised would be used to expand the operations of the blockchain. It would also be used to further develop its functionality, further decentralize its mainnet launch, and list the crypto asset on a number of major crypto exchanges.
The fund would also be used to improve its core protocols and tools mentioned in the recently released blockchain roadmap. This would lead to an improvement of the privacy and identity features.
According to Concordium CEO, Lone Fonss Schroder, he says: “In recent months, we have seen great interest from companies and developers around the world. Concordium’s blockchain code has just become public, allowing developers in general and RustLang developers in particular to create their applications on Concordium. “
The adoption of blockchain technology by the masses faces so many challenges, and Concordium’s blockchain addresses all of these challenges. This means that the needs of developers and businesses have been taken into account to mitigate any future regulatory changes.
Plans are already underway to launch the Concordium blockchain by June 2021, and the cryptocurrency would also be listed on crypto exchanges almost immediately.
While other blockchains face various challenges, Concordium’s blockchain allows for fast and secure transactions with stable transaction fees that are not susceptible to cryptocurrency exchange rate fluctuations.
Using a Proof-of-Stake model gives it an added advantage over the more commonly used Proof-of-Work model blockchain used by digital currencies such as Bitcoin and Ethereum. Concordium’s model consumes a minute amount of energy compared to that of Bitcoin’s blockchain, which has been criticized for its high level of electricity consumption far above some world countries.