Logos Network reaps $3m seed funding
Dublin-based payments player Logos Network has raised $3m in seed funding. Founder Michael Zochowski said several other investors are involved including Digital Currency Group, Blockwater Capital, INBlockchain, Global Blockchain Innovative Capital, and AlphaCoin Fund.
Logos Network is similar to bitcoin, according to Zochowski, but “a little bit more robust, cheaper and massively more scalable,” Coindesk reported this morning. “We’re very much focused on our core payments functionality rather than a general purpose network.”
High speed emphasis
The overall aim is to build a network that is scalable with high security levels and capable of high transactional speed. A public testnet is scheduled for later this year, probably autumn.
“We’re really going to build out the user experience, and also build out the business side of things,” Zochowski told Coindesk. The funding will be focused on expanding a platform ecosystem as well as beefing up the firm’s network.
Meanwhile Ireland continues to build on its blockchain-friendly reputation. A government-backed platform called Blockchain Ireland was launched in June in a fresh effort to reinforce the country’s blockchain ecosystem and expertise.