Tech firm Horizen Labs has raised $4 million in funding it will use to develop its sidechain-as-a-service products.
Horizen Labs — a tech firm that helps businesses build distributed ledger platforms — has raised $4 million in funding, according to a blog post published on April 11.
Horizen Labs initially aimed to raise $2 million in seed funding, but overshot its goal and received $4 million from Digital Currency Group — an institutional trading firm focused on cryptocurrencies, seed stage fund Liberty City Ventures, and other independent investors.
The company intends to develop sidechain-as-a-service products. Sidechains can be deployed to handle commercial blockchain usage, performing various tasks distributed accordingly to increase productivity or efficiency.
According to Barry Silbert, founder and CEO of Digital Currency Group, said that the sidechain product gives allows businesses “to…
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