August 29, 2024
Quai Network, a L1 POW Stablecoin using Energy to Create Value, successfully raised $5 million in strategic funding. This latest investment brings their total funding to $15 million, enabling them to expand their team, research and development efforts, and strengthen community engagement initiatives. Previous investment was obtained from Polychain Capital, Alumni Ventures, and others.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Quai Network | $5M | Aug 29, 2024 | Strategic | $15M | Cogitent Ventures and others | L1 |
In addition to the funding round, Quai Network has also announced the launch of its mainnet-compatible devnet, a crucial step towards the launch of their fourth testnet. This devnet features workshares, UTXO transactions, and dynamic sharding, providing developers with a platform to build and test applications on the Quai Network.
One of Quai Network's primary goals is to introduce the first "decentralized energy dollar" on a scalable and programmable proof-of-work blockchain. To achieve this, the project utilizes a unique two-token system.
Quai Network has been actively building partnerships within the blockchain ecosystem. They have joined the UTXO Alliance and formed strategic alliances with PortalToBitcoin, Stork Network, and IO.net.
About Quai Network
Quai Network is crypto for the global and compute economies.
Quai is the only fully scalable and programmable Proof-of-Work Layer-1. Through the implementation of a variety of new Proof-of-Work primitives, including a category-creating native “stablecoin” connected to the cost of energy, Quai brings reliable, real-world value on-chain to function as financial infrastructure for a compute-centric economy.
Website: https://qu.ai/
X Account: https://x.com/QuaiNetwork
X Followers today: 263,900
X Followers 30 days ago: 267,621
X Follower change: -3,721 (-1.4%)
About Investors
Cogitent Ventures is a venture capital firm which promotes the growth of the global economy by investing intellectual and financial capital in emerging companies within any field, with special emphasis on the world of blockchain, cryptocurrencies, and disruptive technologies.
Website: https://cogitent.ventures/
Location: London, England, United Kingdom
MH Ventures is a boutique full service Venture Capital firm investing in disruptive technologies of the future. MH Ventures is a founder-focused, early-stage venture fund dedicated to the growth of the Web3 ecosystem.
Website: https://www.mhventures.io/
Location: London, England, United Kingdom
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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