Concordium, the privacy-centric blockchain for business, has secured further funding as its mainnet approaches. A total of $36 million has been raised to date including a tranche in the company’s fourth and latest private placement round. Concordium has elected to raise funds in stages in line with project milestones being met. With the mainnet launch now less than two months away, the recent raise is expected to be the last.
As a result of the new funding round, Concordium will launch with a valuation of $1.45 billion. Interest in the enterprise-friendly chain has been growing steadily, both on account of the project’s impressive development rate, and the macro environment that has seen business demand for blockchain services balloon.
Whereas in 2017 there was much excitement about blockchain but little real world adoption, today enterprises are exploring DLT for a variety of applications, while the fanfare has faded. Blockchain may not be particularly exciting these days, but it is proving to be extremely practical, and Concordium is banking on the technology permeating industries as diverse as insurance, banking, and logistics.
Mainnet Looms as Concordium Applies a Final Polish
With its eagerly anticipated mainnet approaching, Concordium has been busily applying final fixes to its blockchain, while simultaneously embarking on a publicity campaign to heighten interest and attract prospective clients.
“In recent months, we have experienced great interest from companies and developers around the world,” noted CEO Lone Fonss Schroder. “Concordium’s blockchain code has just become publicly available, enabling developers in general and RustLang developers, in particular, to create their applications on Concordium.”
Most of the work that’s to be ticked off before the mainnet debut involves auditing and testing. A successful testnet, the fourth of its kind, wrapped up in March, having attracted broad participation from the crypto community. Rust developers in particular were persuaded to put Concordium through its paces and see what the high throughput blockchain is capable of.
Finality as a Service
There are a lot of bells and whistles that come bundled with Concordium’s enterprise-grade blockchain. One of the most intriguing is its baked-in regulatory compliance feature. This enables B2B transactions that are shielded from public view courtesy of zk-Snarks. At the same time, however, the same transactions can be shared with regulatory bodies as required by law, to ensure compliance with financial standards and for accounting purposes.
Concordium also offers Finality as a Service (FaaS), essentially a guarantee that transactions sent over its scalable network will be guaranteed to be delivered with strong finality assurances and irreversibility. This will make the network suited to routing high value transactions between businesses. When Concordium’s mainnet debuts, this and a whole lot of additional features, from identity management to smart contracts, will finally become available to the project’s backers and early adopters.
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