Concordium, a Zug, Switzerland-based privacy-centric blockchain, secured $15M in additional funding via a a private sale of tokens.
The company intends to use the capital to fund further development.
Led by CEO Lone Fonss Schroder, Concordium is a next-generation, broad-focused, decentralized blockchain introducing built-in ID at the protocol level. Its core features allow identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy. The technology supports encrypted payments with software that upholds future regulatory compliance demands for transactions made on the blockchain.
Protocols are science-proofed by peer reviews and developed in cooperation with Concordium Blockchain Research Center Aarhus, Aarhus University, and other global universities, such as ETH Zürich, a computer science university, and the Indian Institute of Science.
Late February, the company announced joint venture cooperation between Concordium and Geely Group, a Fortune 500 company and automotive technology firm. The partnership will focus on building blockchain-based services on Concordium’s enterprise-focused chain.
Concordium recently completed Testnet 4, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads. The testnet led to the release of smart contracts functionality based on RustLang, with a select group of community members participating in stress-testing the network. Test deployments for smart contracts included gaming, crowdfunding, time-stamping, and voting.