Privacy blockchain Concordium raises $15M in token sale and completes MVP testnet
Privacy-centric blockchain Concordium, today announced it has finalized its MVP testnet and concluded a private sale of tokens to fund further development. The company secured $15 million in additional funding for its public and permissionless compliance-ready privacy-centric blockchain.
Late last month, Concordium announced joint venture cooperation between Concordium and Geely Group; a Fortune 500 company and automotive technology firm. The partnership will focus on building blockchain-based services on Concordium’s enterprise-focused chain.
Concordium recently completed testnet 4, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads. The successful testnet led to the release of Concordium smart contracts functionality based on RustLang; with a select group of community members participating in stress-testing the network. Test deployments for smart contracts included gaming, crowdfunding, time-stamping, and voting.
“The interest of the community, from RustLang developers, VCs, system integrators, family offices, crypto service providers, and private persons, has been amazing. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”
– Concordium CEO, Lone Fonss Schroder
Concordium will bring its blockchain technology for broad use, which also appeals to enterprises with protocol-level ID protected by zero-knowledge proofs and stable transaction costs to support predictable, fast, and secure transactions.
Its core scientific team is made up of renowned researchers Dr. Torben Pedersen, creator of the Pedersen commitment, and Prof. Ivan Damgård, father of the Merkel-Damgård Construct.
The Concordium team intends to announce its post-mainnet roadmap in the coming days.