HyperChain Capital, a digital assets management company, said it bought an added $15 million stake in the Fantom ecosystem through the purchase of FTM, the platform's native token.
- The investment by the firm, which focuses on blockchain products and decentralized protocols, is on top of the $2.5 million investment it made in Fantom in 2018, Fantom said in a blog post.
- In addition to investing in Fantom financially, Hyperchain Capital said it's involved in securing the network through a subsidiary that runs validator nodes on Fantom.
- The Fantom Foundation, founded in 2018, is building a scalable blockchain ecosystem designed to facilitate decentralized, scalable, and secure applications.
- Fantom was built to be a kind of "load balancer" to the popular Ethereum blockchain. Due to heavy traffic, Ethereum can be plagued by congestion and high transaction fees. Fantom is designed to act as a bypass around that congestion, allowing for faster, cheaper transactions. Fantom literature says the blockchain has 1-second transaction speeds and near-zero fees.
- The price of FTM is at 50 cents, up more than 29% in the last 24 hours.
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.
Learn more about Consensus 2023, 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.