Fantom Foundation, a Seoul, Korea-based blockchain platform, raised $40m in funding.
Backers included Hyperchain Capital, Signum Capital, 8Decimal, Arrington XRP Capital, Bibox Fund, Link VC, Nirvana Capital and JRR Crypto, among others.
The company intends to use the funds to build its platform.
Fntom is advancing a blockchain based Directed Acyclic Graph (DAG)-based smart contract platform, which will enable faster cryptocurrency transaction than traditional payment systems like Visa and Mastercard.
The DAG-based protocol will be able to process up to 300,000 transactions per second at nearly no cost and, accordingly, Fantom will enable businesses and consumers to execute everyday transaction more rapidly than traditional payment systems using cryptocurrencies across all sectors.