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BTC $47166.67 (-1.1%)
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BCH $624.04 (-2.1%)
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Concordium Finalizes MVP Testnet, Raises $15M in Private Sale

Concordium Finalizes MVP Testnet, Raises $15M in Private Sale
  • Concordium has finalized $15M in private sales.
  • The firm completed its Testnet 4 successfully, leading to the launching of Concordium smart contracts.
  • With this, Concordium is on course for a mainnet launch in Q2 2021.

Concordium has completed its MVP testnet and concluded a private token sale. Specifically, the firm secured $15 million in additional funding for privacy-centric, public, and permissionless blockchain.

The token sale initiated after the firm completed its Testnet 4 successfully, which saw over 2,300 self-sovereign identities issued and more than 7,000 accounts created.

In addition, the effective testnet led to the release of Concordium smart contracts based on RustLang functions. The test deployment for smart contracts involves gaming, crowdfunding, time-stamping, and voting.

Concordium CEO Lone Fonss Schroder said,

“Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”

Moreover, in order to build blockchain-based services, Concordium announced a collaboration with Geely Group last month. Geely Group is an automotive technology firm that is one of the Fortune 500 companies.

Concordium is also on course for a mainnet launch in Q2. Hence, this intends to solve the long-standing blockchain-for-enterprise problem through a unique software stack. The Concordium team plans to announce its post-mainnet roadmap in the coming days.

Concordium describes itself as a Proof-of-Stake (PoS) blockchain. It enables identity management at the protocol, as well as zero-knowledge proofs. Moreover, its protocols are science-proofed by peer reviews and developed with Concordium Blockchain Research Center Aarhus, Aarhus University and other institutions such as ETH Zürich and the Indian Institute of Science.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.