Blockchain startup 5ire raises $100 million from GEM

moneycontrol.com:

Blockchain network 5ire has raised $100 million investment from GEM Global Yield LLC SCS (GGY), a Luxembourg-based private alternative investment group, with the aim to go public.

By investing in 5ire, GEM will solidify its foothold in the emerging markets for sustainable level 1 or layer 1 blockchains with a highly diversified portfolio of use cases and a growing cache of memoranda of understanding with the government and private sector partners, the company said on February 15.

"I am very excited about our partnership with GEM and looking forward to finding synergies in how we further promote our vision of ‘For-benefit’ ventures in the 5ire ecosystem to transition the world from 4th Industrial Revolution to 5th Industrial Revolution, meet the 2030 SDGs and beyond,” 5ire co-founder and CEO Pratik Gauri said.

Prior to GEM investment, 5ire had raised $21 million in its seed round at a valuation of $110 million.

5ire is the first sustainability-focused layer 1 blockchain project with an exchange, a wallet, an NFT marketplace, as well as a VC fund to help grow other sustainable blockchain projects.

The funds will be used for the expansion of the ecosystem, which involves liaising with government stakeholders in India and upcoming international markets, invest in technology and resources,  hiring, and enhance adoption of 5ireChain.

5ire has been working on the UN's Sustainability goals and partnering with nations across three continents.

By signing MOUs, 5ire has taken this first step in the public-private partnerships in India, Nigeria, and the United States to bring its technological solutions for sustainability, better governance and more, the company said.

Sustainable development was estimated to be a $20-30 billion dollar