Concordium Raises $36 Million Funding After Closing 4th Private Placement
Summary
The latest financing round values the company led by CEO Lone Fonss Schroder at $1.45 billion.A private placement offering is used to raise funding not through a public token sale, but rather directly from a small number of chosen investors. Generally, private placement offerings provide increased access to capital and control for issuers while participation is often confined to accredited and institutional investors.Concordium aims to bring its blockchain technology for broad use among businesses focused on regulatory compliance and privacy. Concordium chairman, , is the co-founder of online trading and investment platform Saxo Bank.Concordium has recently completed its MVP (minimum viable product) testnet, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created. The fourth iteration also included more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads.Testnet 4 was followed by the release of Concordium smart contracts functionality based on RustLang. A select group of community members participated in stress-testing the network, which covered various sectors such as gaming, crowdfunding, time-stamping, and voting.News of the new funding comes just a few weeks after Concordium announced a joint venture cooperation with , the owner of Volvo, to provide Chinese customers with blockchain technology.Concordiums CEO, Lone Fonss Schroder, who is also the Vice-Chairman of Volvo Cars, said of the raise: In recent months, we have experienced great interest from companies and developers around the world.