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Blockchain layer 1 network 5ire announced today that it has raised $100 million in Series A funding from UK-based conglomerate Sram and Mram. In a news announcement, Dubai-based 5ire said it intended to use the money to grow into Asia, North America, and Europe while preserving India as its operational center and primary area of concentration. Its $1.5 billion funding value makes 5ire the fastest-growing blockchain in India and the world's first blockchain unicorn with sustainability at its core, according to the statement. https://twitter.com/5ireChain/status/1547786056858497025
5ire Will Empower Decentralized Autonomous Organizations
According to CEO and co-founder Pratik Gauri, 5ire's business model aims to solidify the for-benefit paradigm with practical actions that align with the U.N. Sustainable Development Goals (SDG). The implementation is known as Proof-of-Benefit by the corporation. Gauri added that 5ire would support working groups and decentralized autonomous organizations (DAO) to speed up the achievement of the 17 SDGs set forth by the U.N. Sram & Mram Founder and Chairman Sailesh Hiranandani said, that "governments and huge enterprises will embrace" 5ire's blockchain, citing Malaysia as an example. Across more than 35 locations, Sram & Mram consists of ten companies. Agriculture, artificial intelligence, hedge fund management, media and publishing, hotels, and I.T. are some of its areas of interest. Together with Vilma Matilla and fellow Indian, Prateek Dwivedi, Gauri launched 5ire in August 2021. Gauri and Dwivedi, who have been friends for more than ten years, came up with the concept while penning the initial ideas down on a napkin at an Indian tea shop. By October, the business had received $21 million in its seed round, with investors including Alphabit, Marshland Capital, and Moonrock Capital.