Kadena, a blockchain-based startup has announced that it has managed to raise $12 million through an interesting method known as a Simple Agreement for Future Tokens (SAFT) sale.
The blockchain platform provider made the announcement on Thursday and it also revealed some of the participants that were involved in the SAFT sale. They include SV Angel, SIG, Multicoin Capital, Asimov Investments, and Devonshire Investors. The latter is the private investment division that belongs to Fidelity Investments owners.
The blockchain startup revealed that the $12 million was raised through a Series B SAFT and the money raised will be used to fund a new public blockchain that will feature enterprise-level configuration. The new blockchain will have a processing capacity of more than 10,000 transactions per second and this makes it ideal especially for enterprise use.
Kadena plans to incorporate its smart contract language known as Pact as well as a new protocol that the company is working on. It will also feature Chainweb which leverages “parallel-chain” architecture which makes it possible for the blockchain to carry out transactions faster compared to other public networks.
Businesses will have the ability to implement hybrid business models courtesy of the startup’s technology stack that is shared and involves both private and public deployments. The hybrid business model implementation also involves tiered offerings that target enterprise licenses on private blockchains and small businesses on public networks.
“Only Kadena offers one technology stack that meets the needs of entrepreneurs and enterprises. The same tools that secure an investment bank’s $100 billion order book will now be available to a musician selling her music online,” stated Kadena founder, William Martino.
Martino also pointed out that his company’s goal is to make their solutions attractive to those who are thinking of how to start blockchain-based businesses. Blockchain adoption by businesses has been rather slow due to the fact that public networks that handle smart contracts have been characterized by limited capacity. Popular applications and high profile ICOs have been known to slow down the processing of transactions. Kadena aims to use its solutions to help overcome such issues, making blockchain more attractive to businesses.
