HashKey Capital Co-Invests $5M in Decentralized Storage Project Filestar

Web 3.0 decentralized storage and infrastructure network Filestar has received multimillion-dollar funding from Hong Kong’s HashKey Capital.

According to a press release on Tuesday, US$5 million in the form of a grant will go towards funding the day-to-day operations of the project's managing foundation.
The foundation is a not-for-profit designed to steward Filestar's network before a decentralized autonomous organization is established, a spokesperson told CoinDesk.
"We see potential in the project to transform the storage mining landscape and establish a blockchain-based decentralized marketplace for computing-power and bandwidth sharing,” said Ryan Chen, director of strategy at Hashkey.
Filestar said it aims to improve upon decentralized network Filecoin and its distributed storage mechanism by removing the initial pledge collateral requirement.
The pledge requires miners of Filecoin to commit resources in order to participate in its economy – a measure Filestar says can greatly affect smaller miners.
Filestar is also preparing to launch a staking program that would enable community members to earn the network's native STAR tokens, cast votes for miners and participate in "important decisions for Filestar’s future."

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sebastian Sinclair

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.