Blockchain Firm Orbs Raises $118M USD To Fund Platform For Large-Scale Consumer Applications

Announcements, Investing, News | May 18, 2018 By:

Blockchain platform Orbs has announced it has already raised more than $118 million to fund the development of its platform. The announcement was made at CoinDesk’s Consensus 2018 conference in New York.

Founded by Tal Kol, Uriel Peled and Daniel Peled, Orbs aims to commoditize blockchain infrastructure for large scale consumer applications. It is building a fully decentralized public platform that makes the transition to blockchain easier for the industry as a whole. The platform will be specially designed to meet the needs of large scale consumer applications, with a core product experience.

Among the early adopters in the Orbs network are initial design partners, whose input has shaped Orbs’ product decisions since its inception. Design partners include chat app Kik, adtech giant Zinc, business intelligence platform Endor and payment platforms PumaPay and Zooz.

The launch of an alpha version for early design partners will take place in June. The alpha version will allow partners to start mirroring traffic on the Orbs blockchain and testing.

“The positive reception of our project is a sign of the confidence our partners have in Orbs, and the demand for a specialized blockchain which can transform the consumer applications marketplace,” said Uriel Peled, co-founder of Orbs. “The consumer applications marketplace is ripe for disruption. Orbs has the unique background and insights to design a blockchain for the specific needs of large consumer application developers.”