Cypherium, an enterprise-focused distributed ledger technology (DLT) platform that aims to facilitate interoperability between blockchains and central bank digital currencies (CBDCs), revealed on November 18, 2020 that it had finalized its public sale cycle and had now acquired 28 million capital through the sale of its native token, CPH.
The Cypherium Token (CPH) is described as a “utility” token that can be used to allocate network resources to participants. The token works in a similar way to how the Ethereum Gas Mechanism (ETH) works.
Cypherium has confirmed that it has completed three fundraisers, which resulted in the company raising $ 28 million (in total). Cypherium acquired $ 3.5 million in a public sale in October 2020. It also secured $ 24 million which would come from its September 2018 pre-sale led by several institutional investors, including Pantera Capital, Blockfolio and Qtum .
Cypherium said it would use the funds raised to continue working on the implementation of its interoperable platform which aims to support CBDC innovation by promoting Open Banking projects and related infrastructures that will be “rooted In the central bank’s digital currencies.
The Cypherium team also plans to “continue to unlock the full capabilities of the Byzantine HotStuff fault-tolerant replication protocol used by Cypherium for scale and speed.”
As mentioned in a version shared with Insider Crowdfund:
“Cypherium [aims to] to be the first public, unauthorized network to offer the speed and security of the HotStuff algorithm to its users – typically reserved for specialty industries, but now available for full public consumption. “
Sky Guo, CEO of Cyhperium, noted that the capital increase is an “important validation” for their technology stack, team members and the overall vision behind the Cypherium project. Guo also mentioned that this was the last of many milestones for the initiative, which recently launched its mainnet.
“Thank you to everyone who has contributed to our success so far, and we look forward to welcoming the next generation of supporters and users to the Cypherium community.”
Paul Veradittakit, partner of Pantera Capital – which is known for supporting initiatives such as Ripple, ShapeShift, OmiseGo, said that as one of the early supporters of the Cypherium project, his team is “delighted with the success that [Cypherium] keep reaching and the [potential] the impact they will have on both central banks and businesses as they continue to leverage blockchain to achieve their digital transformation goals. “
Several reserve banks and different municipalities would offer solutions developed on the Cypherium blockchain network, such as the Suzhou City Municipal Government which has entered into a memorandum of understanding with Cypherium to help it “achieve its ambition to become the first blockchain district in China ”.
The Cypherium team is also focused on providing Blockchain-as-a-Service (BaaS) solutions. It can work with tech giants IBM, Google Cloud, Amazon, IC3, Randstad, Société Générale, and OMFIF.
Cypherium will participate in Microsoft’s startup program, where CEO Sky Guo intends to be part of Microsoft’s BaaS program.