Ultrain raises $20m from institutional investors
Blockchain startup Ultrain revealed on Monday it had raised over $20m through a combined token and equity scale.
Ultrain, which was created by a team of former Alibaba employees, managed to win the investment from various institutional investors, including the likes of FBG Capital, Draper Dragon and DanHua VC (DHVC).
The company said it would use the funds to develop its public blockchain protocol, which is also known as Ultrain.
It is intended as a scalable platform for decentralized applications. Recent tests showed the protocol was capable of handling as many 3,000 transactions per second.
Ultrain claims to boost performance by pushing “the boundary of the impossible triangle – namely security, decentralization and performance.”
“Ultrain supports a variety of potentially large-scale business applications through an innovative consensus mechanism coupled with a developer friendly and efficient smart contract engine. At the same time, its capital and business resources on the global scale can support the future blockchain applications,” said Vincent Zhou, founder of FBG Capital.
“The founding team of Ultrain includes key members from Alibaba and Ant Financial, which demonstrates its ability on in-depth research and practical experience in the core technology of blockchain,” added Kevin Ding, managing director of DHVC.