Moeco Raises $5 Million from Blockchain Firm Bitfury

Blockchain, Investing | November 23, 2017 By:

Hong Kong-based startup Moeco has raised $5 million in its first round of investment from blockchain firm Bitfury Group.

Moeco is a blockchain-powered platform designed to provide global Internet of things (IoT) connectivity using multiple radio access standards. The platform allows anyone to set up a gateway and provide connectivity to any IoT device to earn MOE tokens. In Moeco economy, data transfers by any IoT device are paid for in MOE tokens. Blockchain handles data connections and ensures accurate billing. The total amount of MOE tokens is tied to the number of connections on the network, so the value of MOE grows as more IoT customers connect.

Bitfury Group CEO Valery Vavilov said they are excited to invest in Moeco, whose work and vision aligns with their own ambitious goals.

“Moeco is a service platform that enables customers to deploy citywide IoT networks using blockchain technology, and the Bitfury Group provides a full range of blockchain services and solutions that can help them do just that,” said Vavilov. “Together, I believe Moeco and Bitfury will make great progress in bringing IoT devices to the blockchain.”

Moeco also plans to use Bitfury’s Exonum, a private, permissioned blockchain which is anchored to the bitcoin blockchain for added security and reliability. According to BitFury, Exonum is capable of handling as many as 3000 transactions per second with a clearing latency of 2.5 seconds. With necessary customization, the blockchain platform can also handle as high as 15,000 transactions each second.

Moeco founder and CEO Dmitry Gorilovskiy said the company’s goal is to ‘uberize’ IoT connectivity by delivering data to the right place in a secure way and making sure the gateways are compensated fairly. He added that the peer-to-peer (p2p) nature of the underlying blockchain technology will help them scale the system quickly and efficiently.

“This is why we are especially excited about our decision to use Bitfury’s Exonum protocol,” said Gorilovskiy. “Exonum is at the core of the Moeco platform. This round of investment will help us speed up the trials with core clients in retail and smart city areas and bring in more resources for Exonum’s development at the same time.”