Zilliqa, a high-speed blockchain platform from researchers at the National University of Singapore, received a strategic investment from FBG Capital, a digital asset management firm.
The amount of the deal was not disclosed. In conjunction with the investment, Zhuo Shuoji, founding partner of FBG and a veteran cryptocurrency trader, will be joining Zilliqa as an advisor to help guide commercial and financial industry adoption of the new blockchain platform.
Shuoji will be joining banking tech leaders Alexander Lipton and Stuart Prior as well as blockchain innovators Loi Luu and Aquinas Hobor as advisors on the project.
Led by Xinshu Dong, CEO, Zilliqa was created by researchers at the National University of Singapore to solve the issue of scalability of blockchains, one of the most pressing problems facing the technology today. The company has already built a working platform and has recently announced that their internal testnet has reached a peak throughput of 2,488 transactions per second (TX/s).
For perspective, if Zilliqa were fully functional on the same number of computer nodes as Ethereum (~22,000) their transaction rate would be over 15,000 TX/s, nearly double the average of VISA, the largest electronic payment network in the world.
The company plans to release their source code and a public testnet in December 2017.
The original scientific research for the project was done in the laboratory of Dr. Prateek Saxena, who is now Chief Scientific Officer with Zilliqa.