Quai Network Secures $5 Million in Funding

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

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

Purpose of the New Funds

The new funds will be allocated to:
– Scaling engineering and developer relations teams
– Supporting research and development efforts
– Investing in community engagement initiatives

Upcoming Developments

Quai is also launching its main net-compatible devnet, which will precede the protocol's fourth testnet. This devnet features:
– Workshares
– UTXO transactions
– Dynamic sharding

Quai claims to introduce the first decentralized energy dollar on a scalable and programmable proof-of-work blockchain and operates with a two-token system.

Expert Opinions

Cogitent Ventures General Partner, Sayantan Mitra, stated:
> "Quai Network's unique hierarchical structure transforms scalability and security, eliminating the need to prioritize one over the other."

Mitra adds that Quai enables:
– Seamless, trustless interactions across multiple chains
– Fast, low-cost transactions

These features address the pain points of multi-chain systems and facilitate high-throughput global execution.

Background

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