The fresh investment will finance the startup’s global expansion and support its transition to Web3, among others, according to the announcement.
Besides Singapore, Rubix also has operations in India, the UK, United Arab Emirates, and the US. It claims to be a web scale protocol with zero transaction fees, minimal infrastructure cost, high security, and stringent privacy.
Rubix said it uses “Proof-of-Pledge” to process transactions, a clean alternative to the mining-intensive Proof-of-Work (PoW) or unreliable Proof-of-Stake (PoS) methods.
The Proof-of-Pledge architecture allows each transaction to achieve finality without expensive, energy-intensive processes that plague other systems. Transitioning from Web2 to Web3 enables partners to build various apps on the platform, including those that address social and environmental issues, Rubix said.
“Rubix is, first and foremost, a community; this investment will allow us to grow that community and expand our green blockchain as a shared platform upon which partners can build any number of solutions,” said Rubix founder and chief architec KC Reddy.
The investment comes as analysts said investments into crypto and blockchain firms will slow following the crisis in the crypto world this year.
This week, Singapore senior minister Tharman Shanmugaratnam said the Monetary Authority of Singapore (MAS) is considering stricter regulations for cryptocurrency trading platforms following recent disruptions in the space. The central bank’s considerations “may include placing limits on retail participation and rules of leverage when transacting in cryptocurrencies,” Shamugaratnam, , who is also the chairperson of the MAS, said in parliament.
According to crypto fundraising database Dove Metrics, crypto and blockchain companies raised at least $26.4 billion across 992 deals in the first five months of the year, triple the $8.8 billion recorded in the same period last year.
The investor in the Rubix Blockchain, LDA Capital, is a global alternative investment group with more than 32 portfolio companies across the globe. Its team has collectively executed over 200 transactions totalling over $10 billion.
In February, Indonesian IT company Indosterling signed a put option agreement with LDA Capital to raise 600 billion rupiah ($42 million). As per the deal, Indosterling Sarana Investa, the largest shareholder of the listed IT company IndoSterling Technomedia, will have the right, but not the obligation, to sell shares to LDA Capital over three years via the put option.