Bitcoin News: Kadena Completes $15 Million Funding Round
Kadena, a proof-of-work blockchain platform, has announced the successful completion of a $15 million funding round. The round was led by Polychain Capital and Alameda Research, with participation from other notable investors such as Pantera Capital, Coinbase Ventures, and Galaxy Digital.
The funding will be used to accelerate the development of Kadena’s blockchain technology, including its scalable layer-1 protocol, the Kuro Protocol, and its smart contract language, Pact. Kadena also plans to expand its team and establish new partnerships to drive further adoption of its platform.
Kadena’s unique approach to blockchain technology has garnered significant attention in the crypto industry. Its Kuro Protocol uses a consensus mechanism called Chainweb, which enables parallel transaction processing and allows Kadena to achieve high transaction throughput and scalability. Pact, on the other hand, is a formally verified smart contract language that provides developers with increased security and predictability.
“We are excited to have closed this funding round with such a strong group of investors,” said Will Martino, Co-Founder and CEO of Kadena. “This investment is a testament to the strength of our technology and the team we have built. We believe that Kadena has the potential to revolutionize the blockchain industry, and we are grateful for the support of our investors as we continue to develop and scale our platform.”
The funding round comes at a time when the broader crypto market is experiencing a downturn. However, Kadena remains optimistic about the long-term growth prospects of the blockchain sector.
“We believe that the fundamentals of the blockchain industry remain strong,” said Martino. “There is a growing demand for scalable, secure, and reliable blockchain solutions, and Kadena is well-positioned to meet this demand. This investment will allow us to accelerate our development roadmap and capture the market opportunity ahead.”
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