Velas Network raises $135m to support blockchain adoption

Velas Network raises $135m to support blockchain adoption

Velas Network, which aims to boost blockchain adoption, has raised $135m in fresh funding, alongside a partnership with Bahamas-based digital asset investment firm GEM Group.

This capital will enable Velas to accelerate its ecosystem growth and further the development of its blockchain.

Launched in 2019, Velas is on a mission to improve everyone’s lives by making advanced and disruptive technologies more accessible. The company claims to be the fastest blockchain with Ethereum VM compatibility.

It also claims to be one of the most efficient blockchain networks for secure, interoperable, extremely scalable transactions and smart contracts that integrate technology products and services.

Velas co-founder Farhad Shagulyamov said, “This financing facility will boost our ability to introduce innovative technologies and solutions to the global marketplace, taking us into new markets and sectors. It will allow us to expand our ecosystem and improve the blockchain itself, expanding the number of users who can benefit from our cutting-edge approach.

“This partnership would have been impossible without the hard work and commitment of many people behind the scenes at both Velas and GEM. I would like to thank both teams for the diligence, commitment and professionalism that has helped deliver this ground breaking deal.”

In other blockchain news, AIKON, a B2B partner building solutions on the Open Rights Exchange (ORE) Network, recently raised $10m in its Series A.

Copyright © 2022 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.