Legal Notice: Nothing on the website constitutes professional and/or financial advice. All the content on the website is for informational purposes only. We have prepared all information herein from sources we believe to be accurate and reliable. However, such information is presented as is,” without warranty of any kind – whether expressed or implied. You acknowledge and agree that there are numerous risks associated with purchasing cryptocurrencies.

CDS Startups Sumi Network’s $3 Million Raise is Supported by Scytale

Startups

Sumi Network’s $3 Million Raise is Supported by Scytale

lectertodd13/02/20231 Mins read470

Sumi Network'S $3 Million Raise Is Supported By Scytale

Sumi Network, a provider of Web3 infrastructure, had raised $3 million to expand the scope of its decentralized communication and storage solutions.

Table of Contents

Sumi Network’s $3 Million Raise is Supported by Scytale

Scytale takes the lead in the seed round. The startup’s valuation now stands at $30 million, thanks to the financing. According to the company’s email, additional investors include Fuse, D1 Ventures, DFG, and TRGC.

The 15th investment in Scytale’s Horizon Fund II portfolio, which focuses on blockchain investments with a user adoption focus, is Sumi Network.

“You may not know it but you are already using blockchain technology in a variety of ways. We are excited to support the next generation of wallet-to-wallet communication and storage via Sumi Network and further support the mass adoption of secure, decentralized blockchain technology.”
MarkCachia, Scytale’s founder

About Sumi Network

As a project on the Polkadot blockchain, the platform was first created to facilitate decentralized wallet communication. According to a press release from the company, during this period, it created a proprietary storage layer that uses peer-to-peer technology and is compatible with Amazon S3, a storage service provided by Amazon Web Services. The firm is currently concentrating on expanding its unique decentralized storage solution.

References

www.theblock.co

Previous post Exploring the Potential of Metaverse: What It Is, How It Works and Its Applications

Next post Pow.re's $18 Million Strategic Partnership

Written by

lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

You must be logged in to post a comment.