TechFlow news, Layer 1 blockchain network Quai Network has announced the completion of a $5 million strategic funding round from investors including Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures.
This latest round brings Quai Network's total funding to $15 million. The new capital will be used to expand the project's engineering and developer relations teams, support R&D efforts, and invest in community engagement initiatives.
Meanwhile, Quai Network has launched a mainnet-compatible devnet, serving as a precursor to its fourth testnet, featuring working shares, UTXO transactions, and dynamic sharding. The project claims to introduce the "first decentralized energy-backed dollar on the only scalable and programmable proof-of-work blockchain," utilizing a dual-token system.
Founded in 2022, Quai Network recently joined the UTXO Alliance and established strategic partnerships with PortalToBitcoin, Stork Network, and IO.net.
