Co-founder of Indian Crypto Unicorn 5ire to Depart Amid Internal Dispute – Here's the Latest
Blockchain layer 1 network 5ire, which secured series A funding last year valuing the company at $1.5 billion, is now bidding farewell to one of its co-founders.
Vilma Mattila, one of the co-founders of 5ire alongside CEO Pratik Gauri and CTO Prateek Dwivedi, is stepping down from the company, citing internal disputes, Tech In Asia reported.
Mattila noted that other co-founders were “making management and financial decisions without her consent,” which prompted her to leave the firm. However, she did not clarify when she would resign from her position.
Cryptonews.com did not receive a response to requests for comments from Mattila and 5ire until press time.
5ire, which is incorporated in Dubai and having established in various cities across India, announced last year that it had raised $100 million in Series A funding from U.K.-based conglomerate Sram and Mram.
The company became India's 105th unicorn, and the funding round values 5ire at $1.5 billion. The company seeks to shift the paradigm from 'for-profit' to 'for-benefit' economy, 5ire CEO and co-founder Pratik Gauri said at the time.
5ire embodies the fifth industrial revolution with a more sustainable and inclusive approach, Gauri noted. “The secret sauce of our idea is to not use Proof-of-Stake or Proof-of-Work but instead reward sustainable behavior by using Proof-of-Benefit.”
Gauri added that 5ire will empower decentralized autonomous organizations (DAO) to help accelerate the implementation of the United Nations Sustainable Development Goals (SDG).
The Government of India’s apex public policy think tank, NITI Aayog, launched a blockchain module in January, in partnership with 5ire and a mentorship platform Network Capital.
The module is a part of India’s initiative to
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