Consensus Algorithm Tendermint Raises $9 Mln in Series A Investment Round

March 15, 2019
61 Views

Tendermint has raised $9 million in a Series A investment round led by cryptocurrency investment company Paradigm.

Blockchain consensus algorithm and peer-to-peer (P2P) networking protocol Tendermint has raised $9 million in a Series A investment round, according to a blog post published on March 14.

Tendermint has raised $9 million in the Series A investment round led by cryptocurrency investment company Paradigm, with contribution from Bain Capital and 1confirmation among other investors.

Part of the funds will purportedly be allocated to support of further development of the Cosmos Network and its ecosystem. The company also plans to spend the funds on the building staff and creating a sustainable business model.

The round closing follows the Cosmos Hub mainnet launch — so called “The Internet of Blockchains,” developed by Tendermint — on  March 13. The developers believe that Cosmos may contribute to solving blockchain’s scalability and interoperability problems.

Salil Deshpande of Bain Capital reportedly said that “we envision a future where multiple blockchains serve specific use-cases  —  store of value, privacy, general purpose smart contract platforms, and many others. In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains.”

Cosmos Hub will further pass two more phases, as the recent launch was reportedly the first in a series of proof-of-stake chains developed by Tendermint.

Tendermint reportedly supports leading cryptocurrency exchange Binance’s decentralized digital currency exchange. Binance CEO Changpeng Zhao reportedly said that Binance Chain is based on the Tendermint protocol and runs on a Delegated-Proof-of-Stake (DPoS) consensus algorithm.

You may be interested

Japan to Tighten Rules on Cryptocurrency Margin Trading
Crypto News
12 views
Crypto News
12 views

Japan to Tighten Rules on Cryptocurrency Margin Trading

btcethereumadmin - March 19, 2019

Japan is putting in place new, stricter rules for cryptocurrency margin trading from next year. According to a report from…

Galaxy Digital Backs $5.25 Million Round for Blockchain Staking Startup
Crypto News
12 views
Crypto News
12 views

Galaxy Digital Backs $5.25 Million Round for Blockchain Staking Startup

btcethereumadmin - March 19, 2019

Blockchain staking startup Bison Trails has raised $5.25 million in a series seed funding round backed by Mike Novogratz’s Galaxy…

Bitmain’s Latest Zcash Miner Claimed to Have Tripled Hashing Power
Crypto News
10 views
Crypto News
10 views

Bitmain’s Latest Zcash Miner Claimed to Have Tripled Hashing Power

btcethereumadmin - March 19, 2019

Cryptocurrency mining giant Bitmain has launched a new miner for the privacy-oriented cryptocurrency zcash, which it claims, has three times…

Leave a Comment

Your email address will not be published.