Kadena, the blockchain platform provider founded by former JP Morgan technologists, announced it raised $12 million in its Series B SAFT financing round to fund a new enterprise-grade public blockchain capable of processing over 10,000 transactions per second, the company spokesperson said.
The funding was led by Devonshire Investors, the private investment arm of the owners of Fidelity Investments with participation from SIG, Asimov Investments, Multicoin Capital and SV Angel.
Kadena's new public blockchain combines the company's existing smart contract language Pact with a new protocol, Chainweb, that uses "parallel-chain" architecture to deliver speeds thousands of times faster than other public networks.
Kadena is developing the leading blockchain platforms for businesses and entrepreneurs by solving the speed, scalability, and security concerns that impede widespread blockchain adoption and offering simple solutions and tools for developing on a blockchain.
By Ksenia Batanova