Quai, a groundbreaking Layer-1 crypto network for the global and compute economies, announces the successful closing of a $5 million Strategic funding round with participation from Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. Additionally, Quai previously secured $10 million from Polychain Capital and Alumni Ventures, bringing its total funding to $15 million. With this support, Quai is set to reignite the crypto revolution by introducing the first decentralized energy dollar on the only scalable and programmable Proof-of-Work blockchain. In addition to the fundraise, Quai has also officially launched its Mainnet-compatible Devnet. This Devnet precedes the fourth testnet of the protocol and is the first Devnet with workshares, UTXO transactions, and dynamic sharding.
The new funds will be strategically allocated to accelerate Quai’s growth and development. This includes scaling the team, particularly in engineering and developer relations, intensifying research and development efforts, and investing in community engagement initiatives.
“Quai Network’s unique hierarchical structure transforms scalability and security, eliminating the need to prioritize one over the other,” says Sayantan Mitra, PhD, General Partner at Cogitent Ventures. “By enabling seamless, trustless interactions across multiple chains and supporting fast, low-cost transactions, Quai addresses the pain points of multi-chain systems and sets the stage for high-throughput global execution. We are convinced that this architecture presents a powerful solution for the future of decentralized networks.”
The main objective of the Devnet is to provide all tooling and infrastructure required to build a project on Quai Network. The team looks to encourage developers to launch innovative projects that will bolster the foundation for the Quai ecosystem.
“In Quai, we have discovered a universe where energy and money intertwine in a dance of efficiency,” said Francisco A., Founder of TPC Ventures. “With its dual system and PoEM consensus, Quai not only promises scalability and security but also invents a new language for the new digital economy.”
“In recent months, Quai has made significant strides by further refining protocol-level scalability enhancements and leveraging Proof-of-Work as a unique oracle for real-world energy costs. These advancements have strengthened our position as a leader in creating a highly scalable and secure decentralized ecosystem,” said Alan Orwick, Co-Founder of Quai. “We want to extend our deepest gratitude to our investors for their unwavering trust, support, and partnership. With their backing and the strength of our community, we are committed to building a thriving, decentralized ecosystem on Quai.”
Since its inception in 2022, Quai Network has advanced the blockchain landscape by refining scalability with its multi-layered architecture, enhancing anti-censorship through advanced cryptography, and optimizing consensus for greater security and efficiency. The network also prioritizes seamless integration with other blockchain and financial systems while empowering its community through robust governance mechanisms. These developments underscore Quai Network’s commitment to meeting the evolving demands of the blockchain ecosystem and solidifying its leadership in the industry.
This announcement follows a string of notable industry collaborations. Quai recently joined the UTXO Alliance, alongside heavyweights Cardano, Ergo, Nervos Network, and Topl Protocol to advance the UTXO model with enhanced security, interoperability, and scalability. In recent months, Quai has also forged strategic partnerships with PortalToBitcoin, Stork Network, and IO.Net.
To start building on the Quai Devnet, click here https://docs.qu.ai/build/
For more information, please visit https://qu.ai/
About Quai
Quai is crypto that connects reliable, real-world value to the compute economy on the world’s only scalable Proof-of-Work smart contract network. Founded in 2022, Quai’s innovative two-token system and execution sharding capabilities pave the way for infinite scalability and accessibility in the Web3 ecosystem. For more information, visit https://qu.ai/