GIANT Protocol has raised $5 million on its plans to shake up the telecom industry by tokenizing bandwidth.
CoinFund led the seed round. Gumi Cryptos, which backed sister project Wificoin, also participated, as did crypto venture capital firms Blockchange, Entheos, Argonautic and Bronco Fund, a press release said.
“GIANT has uniquely pledged to convert bandwidth into a digital asset that can be used as a currency,” said Jake Brukhman of CoinFund.
The startup plans to work directly with telecom companies to set up its systems across existing infrastructure. This contrasts with other crypto connectivity projects such as Helium, which bootstraps its own network through a series of user-owned nodes.
The “Global Internet Access Network Token” (GIANT for short) added a new chief operating officer in Merijn Terheggen, founder of cybersecurity company HackerOne. Terheggen is also one of GIANT’s founders alongside Suruchi Gupta.
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.