FANTOM Foundation, a blockchain platform for accelerated transaction times, has bagged $40m in funding.
Investments to the round came from firms including Hyperchain Capital, Signum Capital, 8Decimal, Arrington XRP Capital, Bibox Fund, Link VC, Nirvana Capital, and JRR Crypto, among others.
FANTOM is building a directed acyclic graph (DAG)-based smart contract platform which will help to accelerate the speed of cryptocurrency payments, beating processes of traditional transaction methods. Its protocol will be able to process up to 300,000 transactions per second. The platform can also help to make cost savings for industries making large volumes of transactions.
This equity injection will be used to support the platform development and increase transaction speeds of cryptocurrencies, to become quicker than traditional methods like Visa and MasterCard.
Signum Capital partner John Ng said, “FANTOM is set to lead the next wave of innovation in the blockchain sector. This next generation technology they’re developing, which is designed to be infinitely scalable, will be truly transformative and drive mass adoption for blockchain technology and cryptocurrencies in every industry and market imaginable.”
The company is looking to form partnerships with players in the food technology, telecom, banking and financial services, insurance, electricity, and real estate sectors. Recently, FANTOM secured a partnership with the Korea FoodTech Association, Oracle and SBCK.
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