Dubai-based UAE-based firm 5ire has closed a $100 million Series A funding round at a valuation of $1.5 billion. The proceeds will be used to develop an environmentally friendly Proof-of-Benefit blockchain.

1/3#5fire now one of the fastest in the world #UnicornWorth $1.5 billion after a UK-based $100 million fund @sramram group!@pratikgauri @prateek_fire @cryptideas pic.twitter.com/9exGAWNT0d

– 5ireChain (@5ireChain) 15 July 2022

The tour was led by the Sram & Mram conglomerate.

As part of its launch, the startup has raised $21 million at a valuation of $110 million from Alphabit, Marshland Capital and other investors.

The firm plans to expand into Asia, North America and Europe while maintaining its core operations and development focus in India.

The Proof of Benefit is based on encouraging practices related to the sustainable development goals developed by the UN General Assembly in 2015.

5ire hopes to empower DAOs and working groups to implement them and be at the forefront of the fifth industrial revolution.

The launch of the mainnet is scheduled for November 2022.

Silesh Hiranandani, founder and chairman of Sram & Mram, predicted in an interview with CoinDesk that “governments and large companies” will start using Proof-of-Benefit-based blockchain. As an example, he cited an app developed by Malaysian authorities for immigrants.

Recall that Binance chairman Changpeng Zhao said that India is ready to “become a leader in the field of blockchain and cryptocurrencies”.

ForkLog has previously mentioned the Velas blockchain, which uses a hybrid Proof-of-History/Proof-of-Stake consensus algorithm.

Read more about the project in our training cards.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.