Sunday, September 25, 2022

BlockApps Secures $41M to Introduce More Innovative Solutions

Ethereum (ETH) based firm, BlockApps has successfully pulled a total of $41 million in a funding round targeted toward its further entry into the digital world specifically the blockchain. According to Kieren James-Lubin, the platform’s Chief Executive Officer, the integration of products from other sectors into BlockApps’ crypto ledger is a focus for this fund.

The funding round was led by Liberty City Ventures, supported by fresh and old investors. The new investors were Morgan Creek Digital who is expected to appoint a delegate alongside Liberty City Ventures to be positioned with the BlockApps Board of Directors. Givic as well as Eidetic Ventures founded by Sam Martin also participated in the funding round. 

Former investors included Bloccelerate, Kenetic Capital, ConsenSys, and Arab Angels amongst others. Although the exact valuation of the Ethereum-powered firm is not publicly known, the total fund amassed so far is approximated to be around $50 million.

BlockApps is recognized for its revolutionary solutions on Web3 precisely for e-commerce and traditional business. Agricultural products, as well as energy merchandise, will be explored for inclusion in the industry inclined ETH blockchain known as STRATO which is presently dominating around the world. 

Mutating from a more traditional business structure to a blockchain-enhanced system, this fund will be used to push growth in that pathway. With this newly secured fund, the crypto firm is also considering expanding its workforce across teams to accommodate the new increase in its business offerings.

Major Project Launch By BlockApps

In less than 2 years, BlockApps has released inventive solutions both in the agricultural and energy sectors. The firm has fully ascertained its presence in pioneering innovations. One of such innovative projects handled by the firm was TraceHarvest.

TraceHarvest was a blockchain project introduced to monitor the progressive development of agricultural produce from its germinative till its harvest stage. The location of the seeds’ origin was also a major part of the project.

A blockchain project dubbed TraceCarbon which was encumbered with monitoring and compiling the data for carbon usage supervision was also introduced. Kieran James-Lubin expressed the company’s excitement to launch more of such projects in the nearest future, especially with the help of this fund.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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