Blockchain company Fantom Foundation raises $40 million to expand its operations

  • General
  • June 22, 2018
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  • 4 minutes read
Fantom Foundation CEO Ahn Byung Ik

image credit : Fantom Foundation

Blockchain organisation Fantom Foundation which offers a Directed acyclic graph(DAG) platform for smart contracts which in turn a offers a more speedy and scalable blockchain technology has now raised a huge $40 million in a huge funding round from a huge number of crypto investors including Signum Capital, 8 Decimal, Link VC and a host of other investors.

The company intends to make use of this new investment to scale its blockchain platform which will make use of Directed acyclic graph technology to speed up the rates of cryptocurrency transactions to provide the best experience for the consumer.

With mainstream cryptocurrencies currently having a transaction capability of 7-20 transactions per second (TPS) with several blockchain projects stepping up to increase its speed which includes Fantom Foundation which now aims to make use of its blockchain technology to get a huge volume of up to 300,000 Transactions per seconf which will be a huge boost for the crypto industry if this technology turns out well.

Fantom will also provides its services to several businesses and consumers to process financial transactions at a very huge and fast rate using its flexible blockchain protocol.

With very vast and lightning speed innovation in the current blockchain system, Fantom has come as an addition to the eco-system which will be of very good advantage to the crypto sector if the solution plays out well as the rising demand also creates a need for rising transaction speed for huge volumes of blockchain based financial services.

Stelian Balta who founded and leads crypto investment vehicle Hyperchain Capital who participated in Fantom’s funding round issued a statement concerning this investment saying “More so than any other project currently out there, FANTOM has the credible potential to bridge the gap between existing blockchain innovation and the mainstream user adoption, which is needed to bring cryptocurrency usage into the economics of daily life”.

Fantom is currently led by Korean entrepreneur Ahn Byung Ik who is also notable for founding food tech platform SikSin which has raised $9 million so far and counts over 3.5 million downloads across its apps, The team making up Fantom’s workforce also consist of several notable crypto players which indicates the company’s huge and in-depth talent resource to deliver the best product to global consumers.

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