5ire, a layer-1 sustainable blockchain born in Dubai, has just been poured $100 million by Sram & Mram. It is reported that the company will use the raised capital to expand the brand into Asia, North America and Europe while keeping India as its core focus.
The funding round raised the company's valuation to $1.5 billion and made 5ire the fastest growing blockchain in India and the world's first blockchain unicorn with sustainability at its core, representing declared organization.
5ire's business model is to encourage practical action in line with the United Nations' set of sustainable development goals (SDGs). The company calls this a Proof-of-Benefit mechanism. In addition, 5ire will empower decentralized autonomous organizations (KNIFE) to help accelerate the 17 SDG goals.
Co-founder and CEO Pratik Gauri commented:
“We embody the fifth industrial revolution, our secret is not to use Proof-of-Stake or Proof-of-Work but instead reward sustainable behavior with Proof- of-Benefits.”
Sailesh Hiranandani, Founder and President of Sram & Mram, is also pleased to say:
“5ire is a blockchain that 'big governments and corporations will use' in the near future, taking Malaysia as an example. They have been very proactive and interested in applying blockchain, for example, in immigration control and medical cards. Working with a sustainable layer-1 partner is ideal and 5ire is the perfect piece. This will benefit us in dealing with other countries and offices in more than 8 countries.”
Sram & Mram comprises 10 companies across 35 regions spanning agriculture, artificial intelligence, hedge fund management, media and publishing, hospitality and IT.
Gauri founded 5ire in August 2021 with colleagues Prateek Dwivedi and Vilma Matilla. Gauri and Dwivedi, friends for over a decade, came up with the idea at an Indian tea house. In October, they raised 21 million USD from a seed round with the participation of Alphabit, Marshland Capital, Moonrock Capital…
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