Fantom, the US-based developer of a rapid-speed cryptocurrency trading platform, has secured $40m in funding from investors including digital asset exchange platform Bibox and blockchain infrastructure developer XSQ.
Hyperchain Capital, Signum Capital, 8Decimal, Arrington XRP Capital, Link VC, Nirvana Capital, JRR Crypto, BlackEdge Capital, Block Crafters Capital, Block Tech Capital, Block VC, Zorax Capital and BlockWater were also among the participants in the round.
The investor list was filled out by ChainRock, Crypto Trade Capital, Future Money, JD Capital, Kosmos Capital, Lemniscap, MB Technology, One Block, Orichal Partners, Origin X Capital, QCP Capital, Renaissance Digital Assets and Transference Capital Management.
Fantom has created an online platform which facilitates the trading of cryptocurrencies at speeds it claims are far quicker than traditional payment systems.
Bitcoin and Ethereum for instance cannot support more than 15 trades per second, but Fantom estimates its system will be able to handle up to 300,000 transactions per second.
Hyperchain Capital founder Stelian Balta said: “More so than any other project currently out there, Fantom has the credible potential to bridge the gap between existing blockchain innovation and the mainstream user adoption, which is needed to bring cryptocurrency usage into the economics of daily life.”