Ethereum storage network Swarm raises $6 million in a private token sale
Swarm Association, the team behind the development of an Ethereum-based decentralized storage network, has raised $6 million in a private token sale.
The sale saw Swarm's native BZZ tokens get distributed to venture firms, including HashKey Capital, NGC Ventures, and KR1. Bitcoin Suisse facilitated the sale.
With fresh capital at hand, Swarm looks to launch its mainnet in Q2 of this year that has been under development for the last four years. Swarm's network is expected to serve as the serverless internet's operating system that hosts and runs decentralized applications.
Near the mainnet release, Swarm also plans to hold a public token sale, details of which will be shared when it is confirmed, said the association.
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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.
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