5ire, a blockchain firm, has received a $100 million investment from GEM
- ByStartupStory | February 16, 2022
GEM Global Yield LLC SCS (GGY), a fifth-generation blockchain network, stated on Tuesday that it has obtained a $100 million capital commitment as it prepares to register for an IPO.
GEM will fortify its strategic advantage in the developing markets for a stable level 1 blockchain with a strongly diversified portfolio of the use cases and a growing cache of MoUs with governmental and private partners by making an investment in 5ire, formed by Pratik Gauri and Prateek Dwivedi, together with crypto financier Vilma Mattila.
The new funds will be used to expand the ecosystem, which will include negotiating with government stakeholders in India and emerging foreign markets, investing in technology and resources, employing, and increasing 5ireChain usage.
As a first step, 5ire has already been working intensively on the United Governments’ Sustainable Development Goals, cooperating with nations from three continents.
5ire has made the first step in public-private partnerships in India, Nigeria, and the United States by signing MOUs to bring its technical solutions for sustainable, good governance, more of just and effective law enforcement, and much more to India, Nigeria, and the United States.
Prior to this round of fundraising, 5ire was valued at $110 million after raising $21 million in a seed round from a mix of private and institutional investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital, among others.
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