The Helium network, supported by Andreessen Horowitz, raised $111 million through the sale of its native token (HNT). HNT token rose by 25.78% within 24 hours, and the price hit a three-month high.
The decentralized peer-to-peer (P2P) 5G wireless network received a total of $111 million in financing from venture capital giants such as Andreessen Horowitz, Ribbit Capital, mobile operators’ eSIM service provider 10T, Multicoin Capital, and Alameda Research, according to Bloomberg report.
The funds raised this time will be used to accelerate the launch of Helium’s 5G network that provides Internet access and expand the use of mobile network operators and mobile virtual network operators.
Ali Yahya, the general partner of Andreessen Horowitz, stated that the Helium network expands its unlimited coverage by rewarding wireless devices powered by the Helium blockchain that can mine its network token HNT——This move will “challenge centralized incumbents” and will also become a strong rival in the current telecom market.
Ali Yahya added that:
“Helium is transforming the way we connect to and scale wireless networks globally.”
After the news was released, the price of HNT surged from a low of $14.03 to an intraday high of $18.14. At the time of writing, HNT was trading at $18.10.
Helium network, founded in 2013, is the world’s first peer-to-peer LoRaWAN wireless IoT network, also known as “The People’s Network”.
Helium’s expanding hotspot network, as of August 10, the network has 119,036 nodes running on the Helium network, most of which are concentrated in the United States, Europe, and China. The addition of large organizations such as Andreessen Horowitz also confirms the future development of the network in the future.
As reported by Blockchain.News on July 21, the well-known NFT trading platform giant OpenSea announced the completion of a $100 million Series B financing led by venture capital firm Andreessen Horowitz (a16z) and officially joined the crypto unicorn track.
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