5G blockchain firm raises $111M in Andreessen-led token sale
Helium Inc., a supplier of decentralized wi-fi infrastructure, has concluded a $111 million token sale led by a few of the greatest enterprise companies within the blockchain trade.
The sale, which centered round Helium’s native token, HNT, was scooped up by a number of enterprise capital companies, together with Andreessen Horowitz. Alameda Research, Multicoin Capital and Ribbit Capital additionally contributed, according to BNN Bloomberg.
General companion at Andreessen Horowitz Ali Yahya informed Bloomberg that new cryptocurrency protocols like Helium will “challenge centralized incumbents” and compete with larger telecommunication service suppliers.
Yahya tweeted Tuesday that his agency will work with Helium to create a “grassroots telecom network” of the longer term.
— Ali Yahya (alive.eth) (@alive_eth) August 10, 2021
The founding father of Alameda Research, Sam Bankman-Fried, described Helium as a “tremendous opportunity to bring 5G to the masses around the world and greatly enrich the quality of their lives.”
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Helium, which was based in 2013 by Shawn Fanning, Amir Haleem and Sean Carey, is using blockchain know-how to create the world’s first peer-to-peer wi-fi community. The firm’s mission is centered round constructing wi-fi infrastructure for the Internet of Things, which describes the brand new paradigm of linked gadgets. Since launching in North America, Helium has already expanded into Europe.
The firm plans to make use of the newly raised funds to proceed constructing its decentralized 5G community and help cell community operators as they develop protection.
Andreessen Horowitz has been behind a few of the greatest fundraisers in crypto. In June, the enterprise capital agency introduced a brand new innovation fund that may allocate $2.2 billion to promising blockchain and crypto performs. Andreessen’s participation in crypto startups provides to the rising narrative round decentralized applied sciences and their function in disrupting decades-old industries.
Related: Andreessen Horowitz launches biggest-ever crypto enterprise fund at $2.2B