Layer 1 Quai Network Secures $5 Million Funding

IconCryptoNewsTerminal Staff29 Aug, 2024

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Layer 1 Quai Network Secures $5 Million Funding

Layer 1 project Quai Network has raised $5 million in a funding round, according to The Block. The funds will be used to expand the team and support community engagement initiatives. Quai Network is a Layer 1 blockchain protocol that uses a novel consensus mechanism called Proof-of-Work++. This mechanism is designed to be more energy-efficient and scalable than traditional Proof-of-Work consensus mechanisms. The funding round was led by Cogitent Ventures, with participation from MH Ventures, TPC Ventures, Gacha Capital, and Dexchain Ventures. This investment will allow Quai Network to accelerate its development and marketing efforts. Quai Network is a Layer 1 blockchain protocol that is designed to be scalable, secure, and energy-efficient. The project is backed by a team of experienced blockchain developers and researchers. The funding round is a vote of confidence in the Quai Network team and its technology. The funds will allow Quai Network to continue to develop its protocol and expand its community.

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