Quai, an Austin, TX-based provider of a Layer-1 crypto network for the global and compute economies, raised $5M in strategic funding.
Backers included Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. Additionally, Quai previously secured $10M from Polychain Capital and Alumni Ventures, bringing its total funding to $15M.
The company intends to use the funds to accelerate its growth and development, scaling the team, particularly in engineering and developer relations, intensifying research and development efforts, and investing in community engagement initiatives.
Quai is crypto that connects reliable, real-world value to the compute economy on a scalable Proof-of-Work smart contract network. Its two-token system and execution sharding capabilities empower scalability and accessibility in the Web3 ecosystem.
The company recently joined the UTXO Alliance, alongside Cardano, Ergo, Nervos Network, and Topl Protocol to advance the UTXO model with enhanced security, interoperability, and scalability. In recent months, Quai has also signed strategic partnerships with PortalToBitcoin, Stork Network, and IO.Net.
FinSMEs
29/08/2024