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HomeNewsBlockchain Firm Concordium Raises $15 Million in Private Sale

Blockchain Firm Concordium Raises $15 Million in Private Sale

Concordium, a privacy-centric blockchain, announced yesterday that the company has raised $15 million in a private sale of tokens to expand its development. Concordium is planning to use the funds for the public and permissionless compliance-ready privacy-centric blockchain. The firm recently partnered with Geely Group, a Fortune 500 company, to establish a joint venture.

According to the official announcement, Concordium has completed its MVP Testnet. The recent completion of Testnet 4 saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers and over 3,600 wallet downloads.

Concordium mentioned that the successful completion of the Testnet led to the launch of Concordium smart contracts functionality based on RustLang. The blockchain firm added that a group of selected members participated in stress-testing.

Commenting on the latest announcement, Lone Fonss Schroder, CEO of Concordium, said: “The interest of the community, from RustLang developers, VCs, system integrators, family offices, crypto service providers and private persons has been amazing. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”

Expansion

Concordium highlighted that the company is on course for a mainnet launch in the second quarter with a focus to solve the long-standing blockchain-for-enterprise problem. The firm will announce its post-mainnet roadmap in the coming days.

“Concordium will bring its blockchain technology for broad use, which also appeals to enterprises with protocol-level ID protected by zero-knowledge proofs and stable transaction costs to support predictable, fast and secure transactions. Its core scientific team is made up of renowned researchers Dr Torben Pedersen, creator of the Pedersen commitment, and Prof. Ivan Damgard, father of the Merkel-Damgard Construct,” the company mentioned in the press release.

The adoption of blockchain technology has increased substantially during the last few years. The Australian Border Force (ABF) recently launched a trial with Singapore authorities to simplify cross-border trade through blockchain technology.

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