Layer1 Network 5ire Raised $100M in Series A at $1.5B Valuation Led by Sram & Mram

Layer1 network 5ire announced that it has closed a $100m Series A funding round led by U.K.-based conglomerate Sram & Mram, which values 5ire at $1.5 billion. The fund raised will be used to expand 5ire into Asia, North America and Europe while keeping India as the hub of operations and core area of focus. 5ire uses a Proof-of-Benefit mechanism and aims to build a sustainable blockchain.