Fantom raises £30m for DAG-based smart contract platform

Fantom Foundation has raised $40 million (£30 million) to build a Directed Acyclic Graph (DAG)-based smart contract platform, which is designed to speed up cryptocurrency transactions.

Fantom’s DAG-based protocol will be able to process up to 300,000 transactions per second (TPS) at nearly no cost, which compares with around seven TPS and 15 to 20 TPS at cryptocurrency systems like Bitcoin and Ethereum, respectively.

Fantom claims its technology could save e-commerce platforms billions of dollars a year. It has forged a partnership with the Korea Food-Tech Association, an organisation with over 90 food tech member companies, as well as industry giants Oracle and SBCK (a subsidiary of SoftBank Korea).

Partners in the fundraising include Hyperchain Capital, Signum Capital, 8Decimal, Arrington XRP Capital, Bibox Fund, Link VC, Nirvana Capital and JRR Crypto.

“More so than any other project currently out there, Fantom has the credible potential to bridge the gap between existing blockchain innovation and the mainstream user adoption, which is needed to bring cryptocurrency usage into the economics of daily life,” says Stelian Balta, Founder of Hyperchain Capital.

“Fantom is set to lead the next wave of innovation in the blockchain sector. This next generation technology they’re developing, which is designed to be infinitely scalable, will be truly transformative and drive mass adoption for blockchain technology and cryptocurrencies in every industry and market imaginable,” adds John Ng, Partner at Signum Capital.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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