An international blockchain group has secured $65m (£46m) in investment to continue developing its framework of distributed ledger technology.
The company, PL^G, or Plug, is a collaboration between London-based blockchain specialists Qadre, New Zealand-based venture studio, Centrality, and Switzerland-based blockchain media house, SingularDTV.
It seeks to build scalable and secure blockchain applications that operate in the real world as part of an interconnected network of multiple blockchain systems, much like the internet is a series of physical networks.
The firm raised its funds through a token generating event (TGE), which it likened to an initial coin offering (ICO) only with strict anti-money laundering and know your customer checks to ensure regulatory compliance.
Plug has also secured key partnership with global conglomerate Wanda Group, New Zealand’s KiwiBank and crypto platform Cryptopia.
“We’re excited to start scaling out our platform in a big way following the token sale. PL^G is the only blockchain network that scales as the internet does, and I cannot wait to see how the PL^G ecosystem will evolve,” said Nick Williamson, co-founder of Qadre.
Laura Bailey, another Qadre co-founder added: “The blockchain industry globally has a very divisive almost tribal element to it. Projects often fight to prove their single idealistic solution will solve for all use cases, the real world doesn’t work like that. PL^G is designed to work in the real world, to help leverage each other’s strengths to create a more decentralised future.”