Concordium Raises $36 Million Funding After Closing 4th Private Placement
Privacy-centric blockchain, Concordium has concluded the fourth private sale of its GTU tokens to fund further development of its public and permissionless compliance-ready solutions.
In total, the private placement rounds have secured Concordium, which is run by a team of Danish innovators, a capital injection of $36 million. The latest financing round values the company led by CEO Lone Fonss Schroder at $1.45 billion.
A private placement offering is used to raise funding not through a public token sale, but rather directly from a small number of chosen investors. Generally, private placement offerings provide increased access to capital and control for issuers while participation is often confined to accredited and institutional investors.
Concordium aims to bring its blockchain technology for broad use among businesses focused on regulatory compliance and privacy. The company’s compliance-ready blockchain also appeals to enterprises seeking strong privacy features together with stable costs and secure transactions.
The Switzerland-based company’s team is made up of renowned researchers including Torben Pedersen, creator of the Pedersen commitment, and Ivan Damgård, father of the Merkel-Damgård Construct. Concordium chairman, Lars Seier Christensen, is the co-founder of online trading and investment platform Saxo Bank.
Concordium hits new millstones
Concordium has recently completed its MVP (minimum viable product) testnet, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created. The fourth iteration also included more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads.
Testnet 4 was followed by the release of Concordium smart contracts functionality based on RustLang. A select group of community members participated in stress-testing the network, which covered various sectors such as gaming, crowdfunding, time-stamping, and voting.
News of the new funding comes just a few weeks after Concordium announced a joint venture cooperation with Geely, the owner of Volvo, to provide Chinese customers with blockchain technology.
Concordium’s CEO, Lone Fonss Schroder, who is also the Vice-Chairman of Volvo Cars, said of the raise: “In recent months, we have experienced great interest from companies and developers around the world. Concordium’s blockchain code has just become publicly available, enabling developers in general and RustLang developers in particular to create their applications on Concordium.”
Concordium is on course for a mainnet launch in June 2021, followed by listing its cryptocurrency GTU on several crypto exchanges. The startup team added they intend to announce their post-mainnet roadmap in the coming weeks.
Concordium’s blockchain technology helps customers build businesses focused on issues such as digital identity, as well as regulatory and privacy enhancement technologies. This approach has gathered steam among major companies and regulators thanks to its strong emphasis on governance alongside rigorous technology development.
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