Web3 infrastructure provider Sumi Network raises $3 million at a $30 million valuation.
Web3 infrastructure provider Sumi Network has raised $3 million at a $30 million valuation.Web3 infrastructure provider Sumi Network has raised $3 million to build out its decentralized communication and storage solutions.
The seed round is led by Scytale and brings the startup's valuation to $30 million. Other investors include Fuse, D1 Ventures, DFG and TRGC, the company said in an email. Sumi Network started out as a Polkadot blockchain project focused on enabling decentralized wallet communication. During this time it developed a proprietary storage layer that incorporates peer-to-peer technology and is compatible with Amazon S3, which is a storage solution offered by Amazon Web Services, according to a company release.
"You may not know it but you are already using blockchain technology in a variety of ways,” said Mark Cachia, Scytale's founder, in the release. “We are excited to support the next generation of wallet-to-wallet communication and storage via Sumi Network and further support the mass adoption of secure, decentralized blockchain technology.”
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toyota Taps Astar Network for Web3 HackathonAstar will develop the first Proof-of-Concept DAO tool for Toyota's employees.
Read more »
Toyota Partners with Astar Network (ASTR), Announces Web3 HackathonToyota scores its first-ever partnership in Web3 segment to organize hackathon on Astar Network (ASTR)
Read more »
Astar Network Partners with Toyota to Launch Global Web3 Hackathon | HackerNoonHackathons play a crucial role in promoting innovation by bringing together a diverse group of people with different skills and perspectives. - blockchain cryptocurrency
Read more »
Cronos Labs to accept second cohort for $100M-backed Web3 accelerator programCronos Labs’ $100M accelerator program is focused on the DeFi, GameFi, SocialFi and infrastructure verticals, and will accept applications until March 24, 2023.
Read more »