5ire, which is incorporated in Dubai, said in a press release it plans to use the funds to expand into Asia, North America and Europe while keeping India as the hub of operations and core area of focus.
The funding values 5ire at $1.5 billion, arguably making it both the world's first blockchain unicorn with sustainability at its core and the fastest growing blockchain in India, it said. 5ire's business model is to embed the for-benefit paradigm by highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDG), CEO and co-founder Pratik Gauri said. The company calls the implementation Proof-of-Benefit.
Gauri added that 5ire will empower decentralized autonomous organizations (DAO) and working groups to help accelerate the implementation of the U.N.’s 17 SDG goals.
Sailesh Hiranandani, the founder and chairman of Sram & Mram, said 5ire's blockchain is one that "governments and large corporations will use" in the near future, giving the...
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