A Indian development company aims to bridge sustainability and blockchain technology using a layer-1 protocol that incentivizes the UN Sustainable Development Goals.
To help it develop, a bold sustainability-based blockchain project received $100 million in Series A funding.
Pratik Gauri, an Indian entrepreneur, and Prateek Daivedi, a Prateek Dwivedi entrepreneur have led the creation of 5ire, a fifth-generation Blockchain network that aims to encourage the implementation of the Sustainable Development Goals (SDGs), of the United Nations for its users.
The total investment in the project is now $121 million. Alphabit, Marshland Capital and Launchpool Labs were among the notable investors in this seed round, which secured $21 million.
The next Series A round of fundraising secured a $100m investment from SRAM & MRAM, a UK-based conglomerate. 5ire plans to expand its business to Asia, North America, and Europe as well as its operations center in India.
5ire is a new use case for blockchain technology. It promotes practices that align with the United Nations SDGs. Its 5ireChain network is described as a first-layer, sustainability-driven and fifth-generation blockchain.
5ireChain operates by a unique “sustainable evidence of stake consensus protocol,” which ranks validators according to the number of ESG and sustainable practices they use. describes how nodes are assigned weights. These metrics include their stake, reliability and sustainability score, as well as previous nominations.
Cointelegraph was informed by the firm that it would use its large capital investment to finance an aggressive growth strategy. This will allow it to implement its use cases and provide services to businesses who use 5ireChain-based solution.
The company claims to have more than 100 employees and plans to grow quickly as it expands its offerings in the space of tech development and venture capital.
5ire is optimistic that it will weather the current slump of cryptocurrency markets thanks to its business model, which bridges sustainability and blockchain. It plans to work with government officials, Fortune 500 companies, and family offices to create use cases.
