Kadena, a NYC-based smart-contract blockchain platform provider, raised $2.25M in its pre-A financing.
Major investors in the private-placement SAFT round included Metastable, Kilowatt Capital, Coinfund, and Multicoin Capital.
The company will use the funds to develop its new public blockchain.
Co-founded by Stuart Popejoy and William Martino, Kadena has developed a new public protocol, “Chainweb,” which uses a “parallel-chain” architecture to push transactions speeds to 10,000 transactions per second and beyond, without sacrificing any assurance.
The company’s private, secure blockchain is currently used by a Fortune 100 company in healthcare and insurance.
Kadena will use Chainweb in a public blockchain for a new digital currency and utility token. It is under development and is expected to launch by the end of 2018.