Blockchain startup 5ire secures capital commitment of $100Mn from GEM

Blockchain startup 5ire secures capital commitment of $100Mn from GEM

5ire, a blockchain ecosystem that brings sustainability, innovation, and technology to build the 5th industrial revolution, has reportedly secured $100 million from GEM Global Yield LLC SCS (GGY), a private alternative investment group, with plans to go public.

With this Investment, GEM will be strengthening its presence in the emerging markets for justifiable level 1 or L1 blockchains with a broadly expanded portfolio of use cases and an increasing cache of memorandum of understanding with private and government sector partners.

Furthermore, the funds will be used for expanding the ecosystem, which includes coordinating with government shareholders in India and forthcoming international markets, investing in hiring, technology, resources, and augmenting the adoption of 5ireChain.

5ire co-founder and CEO, Pratik Gauri said that the firm is pleased about the collaboration with GEM and is viewing forward to finding synergies in how it further promotes the vision of 'For-benefit' ventures in the 5ire ecosystem for transitioning the world from 4th to 5th industrial revolution, meet the 2030 SDGs and beyond.

5ire has been working in line with the UN's sustainability goals and collaborating with nations across three continent.

By signing the MOUs, 5ire has already taken a step forward in the public-private partnerships in Nigeria, India, and the United States for bringing its technological solutions for better governance, sustainability, and more, said the company.

In 2022, sustainable development was expected to be a $20-30 billion dollar market and was poised to grow around $50 billion by 2030, 5ire's CBO and co-founder Vilma Mattila said, adding that for impacting the world, it would be required to have multiple stakeholders come together in the ecosystem and build a community that inspires businesses to do good.

With this capital, the firm plans to develop initiatives that help build community, Ms. Mattila said.

Source Credit - https://www.moneycontrol.com/news/business/cryptocurrency/blockchain-startup-5ire-raises-100-million-from-gem-8099771.html