The Dexon Foundation, which guides the development of the decentralized protocol called DEXON, raised $20m in private placement.
The placement was led by IDG Capital, with participation from some angel investors.
IDG is a venture capital firm that has had more than 150 exits and manages more than $20 billion in assets; portfolio companies include App Annie, 5Miles and WeCash.
Founded in 2018 by the leadership team of Cobinhood, a cryptocurrency services platform and zero-fee exchange endorsed by U.S. football player Richard Sherman, DEXON is advancing a lightning-fast decentralized protocol which processes an estimated 1 million transactions per second.
Along with the funding news, Dexon is simultaneously announcing the results from its first test of transaction speeds, which clocked 50 blocks per second with 25 nodes – an estimated one million transactions per second given a block size of 2MB and an average transaction size of 100 bytes.
Through the use of a blocklattice structure along with a total-ordering consensus algorithm, DEXON is able to make decentralized transactions scalable.
The non profit foundation is led by Popo Chen, also founder of Cobinhood.