Israeli Blockchain Chip Startup Chain Reaction Raises $70 Mln

Tel Aviv-based blockchain chip startup Chain Reaction on Thursday said it raised $70 million which will be used to expand its engineering team as it develops its next chip and rolls out its first one to the market this year.

Alon Webman, co-founder and CEO of Chain Reaction, told Reuters that the company will start mass producing its blockchain chip Electrum in the first quarter this year. He said the chip is designed to carry out blockchain operations called "hashing" very fast and power efficiently and also can be used for mining digital currencies like bitcoin.

(By Jane Lanhee Lee)

Get the latest news here: Cointime channel — https://t.me/cointime_en

Original Link

Comments

All Comments

Recommended for you

CoreWeave, an AI cloud service provider, completes $1.1 billion Series C financing led by Coatue

CoreWeave, a cloud service provider focusing on artificial intelligence, announced the completion of a $110 million Series C financing round. Coatue led this round of financing, with Magnetar (the main investor in the previous round), Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management participating.
cointelegraph ·

CZ sentenced: A chronology of Binance’s legal battles in the US

Former Binance CEO Changpeng “CZ” Zhao was sentenced to four months in prison for violating U.S. money laundering laws.
cointelegraph ·

Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Barcelona-based Web3 Video Games Startup GFAL Raises $3.2M in Seed Funding to Expand Team and Accelerate Production Plans

Barcelona-based startup GFAL has secured $3.2 million in seed funding from investors including Supercell Ltd and Mitch Lasky. The company plans to use the funds to expand its team and accelerate its game production plans, which leverage AI and Web3 technology for immersive gameplay. GFAL's Elemental Raiders mobile game soft-launched in March 2023, with plans to build on this for a 2024 launch. CEO Manel Sort expressed gratitude for the investment and excitement to work with former colleagues from Digital Chocolate.
cointelegraph ·

US Court to hear proposed remedies from Terraform Labs, Do Kwon in May

The SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm’s team suggested only $1 million.
On-chain content distribution agreement Metale Protocol completes additional $2 million in seed round financing

Metale Protocol, a content distribution protocol on the blockchain, announced the completion of an additional $2 million seed round of financing. Waterdrip Capital led the investment, with participation from Aipollo Investment and Ultiverse. As of now, the total size of its seed round financing has reached $4 million. Metale Protocol was formerly known as Read2N, a Web3 decentralized reading application. The new funds will be allocated to its content creation fund to stimulate more content creation activities and promote the construction of its protocol as a platform for issuing and distributing content assets on the blockchain.
cointelegraph ·

Bitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — Glassnode

Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom.
DWF Ventures announces investment in blockchain game developer Overworld

DWF Ventures announced an investment in Overworld, a chain game developer. Overworld recently announced plans to launch another NFT series, and in addition, Overworld will soon launch the main world arena.
Cryptool invests $2 million in digital currency trading platform Bittime

On May 1st, investment firm Cryptool invested $2 million in cryptocurrency trading platform Bittime in Series A funding. Founded in 2017, Cryptool focuses on first and second-level investments in digital currency, with a total investment of $30 million by 2023.
cointelegraph ·

BlackRock's BUIDL becomes the world’s largest tokenized treasury fund

It took less than six weeks for the BlackRock USD Institutional Digital Liquidity Fund to surpass Franklin Templeton’s one year old tokenized treasury fund.