Dfinity – A Cryptocurrency Startup- Gets $102 Million Funding to Develop an Internet Computer

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Thanks to the good results a majority of cryptocurrency-based projects is getting, more investors are now willing to fund the new ones. One of the recent projects in this niche is the creation of a powerful internet computer by Dfinity. Already, the company has managed to raise more than $102 million for this project and it is expected that more investors will join the wave once the project is up and running.

As noted by CCN, this need funding for this project means that a total of $200 million has being raised to support the project. The huge potential and impact that the world computer will have is one of the primary factors that is motivating the investors. The report released on Wednesday stated that this new funding round was led by Andreessen HJorowitz’s cryptocurrency find 16z crypto and Polychain Capital, a crypto hedge fund.

Details of The Internet Computer

When making the announcement, Dominic William, the Chief Scientist and founder of Dfinity, said that The Internet Computer would be an active public infrastructure whose main goal will be to host the next generation of software. It will also be instrumental in the provision of digital services. Dominic also stated that the platform will help reduce R&D costs by more than 90% thereby making it possible for thousands of people from all across the globe as well as businesses to develop software and offer digital services.

Dominic William also stated that Internet Computer would have robust security systems and features that will be unhackable. This means that people who use the computer will not have to worry about the safety of their data and programs. Other benefits that will boost implementation include its availability, highly interoperability, and advanced features to promote privacy and confidentiality of data.

Individual stakes are yet to be disclosed to the public by Andreessen Horowitz has stated that Dfinity is now a large position of its cryptocurrency fund holding. Other investors who have shown interest in this project include SV Angel, Village Global, Multicoin Capital, Aspect Venture, Scalar Capital, and Amino Capital.

History of Dfinity

Notably, Dfinity was founded back in 2015 and its headquarters are in Crypto Valley in Switzerland. Since the establishment of the company, the team’s goal has being to create a decentralized cloud-computing network that will compete effectively with other existing centralized platforms such as Amazon Web Services.

One of the 16z crypto partners, Chris Dixon has also echoed his support for Dfinity innovative project. Chris also revealed that the development of Internet Computer were at an advanced stage and once completed the computer will be very essential to all future technological advancements especially in software development.

Unique Fact about Dfinity Funding Quest

Unlike other similar projects, Dfinity has not conducted any ICO (initial coin offering). However, it had an airdrop period where it freely distributed tokens estimated to be worth more than $35 million to the public. All the people who took part in the airdrop will receive their tokens when the entire network is launched.

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