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Cere platform has noted that the raised money will be used to make new hires, system development, and developer network growth.
Cere Network, the first Decentralized Data Cloud (DDC) platform, has announced that it has received $3 million from Polygon network. Additionally, the firm announced through a press release that it has closed its $Cere token sale with $28 million that was facilitated by the Republic platform.
Cere platform has noted that the raised money will be used to make new hires, system development, and developer network growth.
“With our mainnet launch scheduled for release in the coming weeks, we are grateful for the outpouring of support from our supporters and business partners,” said Fred Jin, Co-founder of Cere Network. “Our headcount at Cere has grown to over 60 employees worldwide to meet the demand for our Decentralized Data Cloud upon launch, which takes data ecosystems to a whole new level of privacy, compliance, interoperability, and agility.”
Polygon network made the strategic partnership to enable the Cere platform to integrate with its infrastructure seamlessly. “The Cere Decentralized Data Cloud is the future of blockchain data and takes harnessing datasets to the next level,” said Sandeep Nailwal, Co-founder and COO of Polygon. “Snowflake has maximized what they can offer outside of blockchain technology, while Cere’s DDC allows for a company’s data to be leveraged outside of a walled cloud garden with more privacy mechanisms in place. Our investment in Cere and their integration into our protocol means that Polygon’s ecosystem maintains its market leadership.”
Cere Network and the Future Growth Prospects
Cere network is built on a secure and scalable blockchain founded by former Amazon, Twitch, D-Link, and Bebo executives. The company built its infrastructure with future developments in mind. Among the notable developments is its capabilities to interact with other blockchains to harness the power of NFTs.
“Cere has built its blockchain with substrate components, making it interoperable with Polkadot with bridges to Ethereum and Polygon, allowing for cross-chain Non-Fungible Tokens (NFTs) asset and data transfers, amongst others capabilities,” the company explained in the press release.
The network has gained a notable spotlight from global crypto investors and investors. During its $Cere token sale, the company reported that over $100 million worth of tokens were sold within the first hour of offering.
The San-Francisco-based company is backed by popular crypto investors including Binance Labs, Arrington XRP Capital, AU21, Fenbushi Capital, and Neo Global Capital.
Polygon protocol remains a critical player in the Cere network’s future growth prospects. Mind you, Polygon is offering a scalable alternative for Ethereum projects at a time when the Ethereum ecosystem is suffering from huge transaction fees and low throughput.