Smoke without 5ire? India’s ‘fastest-growing blockchain unicorn’ and a USD1.5 billion question.
Synopsis
Fifth-generation blockchain network 5ire grabbed headlines last year with its entry into the unicorn club. But questions have been raised over its valuation and the status of partnerships even as its native token is awaited. Can 5ire prove its critics wrong?
In July 2022, 5ire became India’s 105th unicorn after it raised USD100 million from UK-based conglomerate SRAM & MRAM Group. Valued at USD1.5 billion, the 11-month-old firm joined the short list of companies in the cryptocurrencies and Web3 space to enter the coveted unicorn club, after Ethereum-scaling solution Polygon and crypto-trading platforms CoinDCX and CoinSwitchKuber. It could have been counted as yet another unicorn in a country
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