In an unexpected move, Vilma Mattila, co-founder of the prominent layer 1 blockchain network 5ire, is set to part ways with the company, an outcome supposedly instigated by intra-office disputes. Mattila stated her colleagues were controlling financial and managerial decisions without her endorsement, leading to her decision to leave. However, precise details or timeline about her resignation remain unclarified at this point.
5ire, a Dubai-incorporated entity with established operations across various Indian cities, earned a whopping $100 million Series A funding from the UK-based conglomerate Sram and Mram in 2020, with a subsequent leap in the company’s valuation to $1.5 billion. This funding also catapulted 5ire into the coveted league of Indian unicorns as the 105th member. The organization aims to shift the prevailing ‘for-profit’ economic system towards a more beneficial ‘for-benefit’ economy, as per CEO Pratik Gauri.
As reiterations of its innovative approach to blockchain technology, 5ire shuns the traditional proof-of-stake or proof-of-work concepts instead of favouring a proof-of-benefit module that rewards sustainable behaviour. Moreover, this novel protocol will help galvanise decentralized autonomous organizations (DAO) to fast-track the realization of the UN’s Sustainable Development Goals.
A noteworthy collaborative endeavour for 5ire has been with NITI Aayog, the Indian Government’s apex public policy think tank. This alliance witnessed the launch of a blockchain module aiming to promote innovation and entrepreneurship in the country. 5ire deeply values this partnership, more so after the attention they garnered from their successful funding round.
However, an intriguing aspect about 5ire’s accomplishments so far is the absence of an operational mainnet. Expected to launch within the forthcoming quarters, 5ire had launched its Testnet in August 2022. Watching further developments surrounding this aspect will certainly be interesting.
A final noteworthy point is regarding 5ire’s financial landscaping. Despite having raised a staggeringly high $100 million funding, the company purportedly received just $20 million upfront with no immediate need flagged for the second round. Could this indicate their financial autonomy or a potential hurdle on the horizon? Only time will tell.
Source: Cryptonews
