Indian blockchain network 5ire has become the latest crypto unicorn in the country after securing $100 million in Series A funding.
The startup received funding from UK-based conglomerates SRAM and MRAM for business expansion in Asia, North America and Europe.
“This investment makes 5ire the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, with a value of $1.5 billion,” the company said in a statement.
Unicorn is a term used in the venture capital industry to describe a startup company with a value of over one billion dollars.
Third Crypto Unicorn for India
The company said that 5ire will continue to invest in further strengthening its blockchain and will work towards ensuring that this decentralized technology benefits a large base globally.
The firm aims to generate revenue by November, when its mainnet launches.
It also claims to be the first and only sustainable unicorn in India, which is “for profit” rather than “for profit”.
Previously, 5ire raised $21 million in its seed round at a valuation of $110 million, with participation from both private and institutional investors.
Prateek Gauri, CEO & Co-Founder, 5ire said: “The 5ire team has worked round the clock to develop a platform that combines both technology and processes for the benefit of mankind. Born from India in just 11 months Hua becoming the world’s first and only sustainable unicorn is proof that we are on the right track.
domestic regulator flow
The announcement comes amid regulatory flux in India.
Recently, the Internet Association of India dissolved the Blockchain and Crypto Assets Council (BACC), distancing itself from the crypto space.
And as the country’s central bank continues to raise risk concerns around private crypto, three other domestic platforms have been accused of violating Know Your Customer (KYC) and money laundering regulations.
The investigation also involved India’s first two crypto unicorns – CoinDCX and CoinSwitch Kuber.
Speaking at the G20 Ministerial Symposium on Taxes and Development in Bali, India’s Finance Minister Nirmala Sitharaman reportedly claimed that entities are being set up for tax evasion purposes through investments in non-financial assets like crypto. .
“While the development of the Crypto Asset Reporting Framework is underway, I call on the G20 to examine the feasibility of the automated exchange of information with respect to other non-financial assets that are subject to common reporting standards (CRS) such as fixed assets. are covered under. Well,” she said.