2 years ago
Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised $70 cardinal arsenic portion of its Series C backing round. The nonsubjective of the institution is to grow its engineering unit to accelerate the accumulation of its blockchain-focused silicon and collaborate successful the improvement of its cryptographic-focused chips.
Chain Reaction Raises $70 Million successful Series C Funding Round
Chain Reaction, a startup that focuses connected gathering blockchain-based silicon, announced that it has raised $70 cardinal arsenic portion of its Series C backing round. The round, which was led by Morgan Creek Digital, portion of Morgan Creek Capital — a VC institution co-founded by crypto influencer Anthony “Pomp” Pompliano — saw the information of Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and Blue Run Ventures.
With this superior influx, the institution expects to summation its engineering headcount successful bid to hasten the improvement of its blockchain silicon products, estimated to scope the marketplace aboriginal this year. According to Alon Webman, co-founder and CEO of Chain Reaction, the wide accumulation of the archetypal batch of chips, called “Electrum,” volition commencement successful Q1 2023.
According to reports from Reuters, Electrum volition beryllium a highly businesslike ASIC spot designed for bitcoin mining, a tract dominated by companies similar Bitmain. The fabless startup enrolled the services of TSMC, 1 of the biggest foundries successful Taiwan, to wide nutrient the chips.
While the institution did not disclose its valuation, Techcrunch estimates it to beryllium astir $500 million, having raised $115 cardinal since its founding.
Blockchain Chips and Homomorphic Encryption
Chain Reaction aims to usage its archetypal batch of blockchain chips arsenic a trampoline to processing much precocious silicon, designed to tackle cryptographic problems.
The much precocious chips would beryllium centered astir a method called homomorphic encryption, which allegedly could let them to marque operations with encrypted information without decrypting it successful the archetypal place.
This could person respective applications successful the cryptography field, allowing for much businesslike and backstage operations without having to enactment plain accusation successful the unfastened erstwhile moving with data.
The institution is optimistic astir having a solution for this cryptographic issue, adjacent with today’s constricted processing capabilities. Chain Reaction co-founder and CEO Alon Webman stated:
We deliberation our solution volition marque homomorphic encryption viable. We person unsocial architecture and we besides recognize the limitations connected compute and representation among processors today. We person the solution needed to marque it possible.
Chain Reaction expects to motorboat this spot sometime astatine the extremity of 2024.
What bash you deliberation astir Chain Reaction and its blockchain-based silicon? Tell america successful the comments conception below.
Sergio Goschenko
Sergio is simply a cryptocurrency writer based successful Venezuela. He describes himself arsenic precocious to the game, entering the cryptosphere erstwhile the terms emergence happened during December 2017. Having a machine engineering background, surviving successful Venezuela, and being impacted by the cryptocurrency roar astatine a societal level, helium offers a antithetic constituent of presumption astir crypto occurrence and however it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.
English (US) 