Blockchain platform service provider Kadena completes $12 million in financing Fidelity International's private equity investment

Blockchain platform service provider Kadena has raised $12 million in funding through the Future Token Simple Agreement. The company announced the news on Thursday (April 12). Investors in this financing transaction include Devonshire Investors, a private equity investment company under Fidelity Investments, SIG, Asimov Investments, Multicoin Capital and SV Angel.

In fact, in January of this year, Kadena also raised $2.25 million through the Simple Agreement of Future Tokens. According to the company, they plan to use the latest funds to accelerate the development of its Chainweb blockchain platform and build a technology ecosystem.

Stuart Popejoy is the co-founder of Kadena and previously worked as a blockchain developer at JPMorgan Chase. He said that the Chainweb blockchain platform will process transactions by combining multiple blockchains of the same industry, rather than using a single decentralized blockchain like Bitcoin. Different chains can be dedicated to different use cases, or Does not take up the entire network.

Not only that, but different blockchains will integrate the root nodes of their Merkle trees with each other to ensure that each can "act" as an independent blockchain, and form consensus and share information in different ledgers. Unlike other scaling methods, Chainweb's parallel network model can ensure security without using side channels, or use only part of the blockchain to process a large number of transactions.

Currently, Kadena intends to release a wider community testing tool and an official verification toolkit to help identify bugs.

The Chainweb blockchain platform testnet is expected to launch in August, with the mainnet likely to launch in December.