Edge Matrix Chain raises $20 million in funding led by Polygon Ventures, Amber Group
Quick Take
- The multi-chain infrastructure project has also received funding from investors including One Comma, Kapley Judge and Associated Corporations, and Cyberrock Venture Fund.
- EMC plans to set aside $5 million in rewards through two stages of incentive programs, with its two-month public testnet incentive program starting on August 17.
Edge Matrix Chain (EMC), a multichain infrastructure, has raised $20 million in a funding round led by Polygon Ventures and Amber Group.
The project said that investors, including One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury, participated in the funding round.
EMC plans to use the newly raised funds to launch its Layer 1 blockchain, which is focused on apps designed for artificial intelligence. The blockchain is “designed to scale and support GPU compute for crypto AI projects while introducing a new DeFi asset class backed by tokenized real-world GPU resources.”
The project has proposed introducing a new DeFi asset class that claims to “leverage tokenized H100 Tensor Core GPUs developed by Nvidia.” According to its statement, such assets would allow users to benefit from returns generated by outsourcing on-chain GPU resources.
EMC also said that it launched a two-month public testnet incentive program on August 17 and plans to allocate a $5 million prize pool through two stages of incentive programs.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
