Hedera Hashgraph network raises $100m in private funding

Hedera Hashgraph, the distributed public ledger, announced on Wednesday it had raised $100m from institutional and high net worth individuals to further the development of its platform and network.

Hedera Hashgraph raises $100m in second round of funding

Mance Harmon, chief executive and co-founder said the investment would be used complete the development of its smart contract platform, file storage system and a token issue.

He added that the company planned also to raise a further $20m through an initial coin offering (ICO) open only to accredited investors.

Tremendous demand

The latest round of funding added to the $18m raised earlier this year in a private token sale.

Harmon said on a blog post on Wednesday: “We are seeing tremendous demand for our fast, fair, and secure public network.

“With this funding, we will be able to accelerate development of key services to be provided by Hedera — including a cryptocurrency, file storage service, and smart contract platform — to help make it not only what we believe is the fastest and most secure public ledger available, but also the most feature-rich for developers looking to build highly decentralized apps.”