Phi Labs secures seed worth $ 21 million

Von Krypto News Österreich

  • More participants in the increase are 1Confirmation, IDEO COLAB, Blockchain Capital, Wintermute and Figment
  • The team currently has around 20 full -time employees and hopes to be able to grow to over 50 by the end of the year

Phi Labs, a participant on an intelligent contract based on Cosmos, announced a seed round of $ 21 million on Thursday.

The increase, led by the investment companies Coinfund and Hashed, will flow into the recruitment, product development and the establishment of the Phi Lab protocol. The team currently has around 20 full -time employees and hopes to reach over 50 by the end of the year.

Other participants in the round are 1Confirmation, Ideo Colab, Figment, Blockchain Capital, Wintermute, Chorus One, Stake.Fish, Lemniscap, Coscapation and Hypersphere Ventures.

Torbogen is" one of the first smart-contracting chains at all [Decentralized app] developers can then build up on all other assets as a whole Access Cosmos ecosystem, ”Griffin Anderson, Chief Executive from Phi Labs, told Blockworks.

Archway, Anderson said, rewarded developers via his protocol by shared part of the transaction fees and inflationary rewards that are generated in the Cosmos network.

"[Smart Contract Platforms] Everyone somehow thought about the trilemma about scalability, decentralization and security," said Billy Dishman, Principal at Coinfund. "And what is largely ignored is the idea of ​​developing and improving tokenomics on blockchains."

"There are three main components within a blockchain. You have the validators, the users and the developers and no one has so far [has] prioritized the developers."
Archway should be launched this year. The tokens of the protocol Gem ARCHWAY is not offered in certain countries, including in the USA, China, Simbabwe, Albania and Venezuela.

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The contribution "Phi Labs Secures $ 21m Seed, LED by Coinfund and Hashed" is not a financial advice.