Quai Network Secures $5 Million in Strategic Funding

Layer 1 crypto network Quai Network has closed a $5 million strategic funding round with participation from Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures.

This funding round brings its total to $15 million, following previous rounds where $10 million was secured from Polychain Capital, Alumni Ventures, and others.

Purpose of the Funds

The new funds will be allocated to:
– Scale the project’s engineering and developer relations teams
– Support research and development efforts
– Invest in community engagement initiatives

Quai is also set to launch its main net-compatible devnet, which precedes the protocol’s fourth testnet. This iteration features workshares, UTXO transactions, and dynamic sharding. The project aims to introduce the first decentralized energy dollar on a scalable and programmable proof-of-work blockchain, utilizing a two-token system.

Insights from Cogitent Ventures

According to Cogitent Ventures General Partner Sayantan Mitra, “Quai Network’s unique hierarchical structure transforms scalability and security, eliminating the need to prioritize one over the other.” They added that the network enables seamless, trustless interactions across multiple chains, supporting fast, low-cost transactions that address the challenges of multi-chain systems and set the stage for high-throughput global execution.

About Quai Network

Founded in 2022, Quai Network has recently joined the UTXO Alliance and formed strategic partnerships with PortalToBitcoin, Stork Network, and IO.net.