Privacy-Focused Concordium Blockchain Raises $36 Million Ahead of Mainnet Launch

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Blockchain
Privacy-Focused Concordium Blockchain Raises $36 Million Ahead of Mainnet Launch

Today, privacy-focused blockchain network Concordium announced the completion of its 4th global Private Placement round of the cryptocurrency GTU.

Concordium Concludes 4th Private Placement Round

In yet another major milestone for the Concordium ecosystem, the privacy-centric blockchain project today announced the conclusion of its 4th global Private Placement round of the cryptocurrency GTU.

Notably, this development comes 2 months ahead of Concordium’s highly-anticipated mainnet launch. According to the announcement, the funds raised will be used toward financing the project’s further development, decentralization, mainnet launch, and listing of the project’s token on various exchanges.

It is worthy of note that Private Placement rounds have helped Concordium secure a capital injection of $36 million. During the 4th round of fundraising, the company’s valuation stood at $1.45 billion.

Commenting on the development, Lone Fonss Schroder, CEO, Concordium, noted:

“In recent months, we have experienced great interest from companies and developers around the world. Concordium’s blockchain code has just become publicly available, enabling developers in general and RustLang developers, in particular, to create their applications on Concordium.”

How Will the Funds Be Used?

In addition to the aforementioned uses, the funds will be used toward enabling technical development of core protocols and tooling which were highlighted in Concordium’s newest roadmap here. Further, the funds will be used for the development of specific features pertaining to privacy and identity.

For the uninitiated, Concordium is poised to launch its blockchain in June 2021 which will soon be followed by the listing of the network’s token on several cryptocurrency exchanges.

Concordium aims to accomplish a broad application of blockchain technology which has, until now, not quite come to fruition despite the technology’s immense potential.

Concordium wants to solve some of the hurdles that have so far hindered the widespread adoption of blockchain technology. This, the projects plans to achieve by focusing on the needs of developers and companies and taking into account future regulatory rules.

Concordium uses the Proof-of-Stake consensus algorithm to achieve decentralization along with efficient energy consumption.

To open an account on Concordium’s blockchain, users are required to be identified. Concordium’s blockchain enables fast, secure, and cost-efficient transactions unlike other blockchains whose transaction costs tend to fluctuate based on the current exchange rate of the cryptocurrency.

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.