Blockchain Firm Kadena Raises $12M USD In Series B SAFT Fundingbr>
Blockchain firm Kadena has raised $12 million in its Series B Simple Agreement for Future Tokens (SAFT) financing round.
Founded by former JP Morgan technologists, Kadena is developing blockchain platforms for businesses and entrepreneurs by solving the speed, scalability, and security concerns that impede widespread blockchain adoption and offering simple solutions and tools for developing on a blockchain. In 2016, it began offering a private blockchain protocol that is currently used by a Fortune 100 company in healthcare.
SAFT is an investment contract offered by cryptocurrency developers to accredited investors. It is like a forward contract, obligating the seller to deliver tokens by a certain date. Backers in the SAFT financing round included Devonshire Investors, the private investment firm affiliated with the parent company of Fidelity Investments, SV Angel, Multicoin Capital, Susquehanna International Group (SIG), and Asimov Ventures.
The new investment will be used to fund the development of Chainweb, a new enterprise-grade public blockchain designed to process over 10,000 transactions per second. Chainweb addresses the speed, scalability, and security issues that have plagued public chains like ethereum and bitcoin.
“Chainweb solves scalability problems by allowing developers to provision specific bundles of chains for applications,” said Kadena co-founder Stuart Popejoy. “Initial coin offerings (ICO) will run on certain chains, while investment banks can trade on others without interruption and without congestion surges in transaction fees.”
“Only Kadena offers one technology stack that meets the needs of entrepreneurs and enterprises,” said William Martino, co-founder of Kadena. The same tools that secure an investment bank’s $100 billion order book will now be available to a musician selling her music online. When people think about building businesses on the blockchain, our goal is for them to choose to work in the Kadena ecosystem.”