Kadena (KDA) Proof of Work Blockchain Mainnet Launches; Looks To Raise $20M Via A Token Sale

The JPMorgan led company launched its mainnet for its PoW blockchain called Chainweb on Monday. Kadena now opens itself up for funding by holding two token sales to try and raise $20 million by selling 30 million KDA tokens.

On November 5, blockchain startup Kadena went live. It launched its mainnet on Monday and announced its plan of raising $20 million via two token sales.

Founded in 2016 by JPMorgan blockchain veterans Stuart Popejoy and Will Martino, Kadena is a proof-of-work (PoW) network designed to handle large transaction volumes while maintaining the security and integrity of Bitcoin. Simply put, it wants to carry out close to 10,000 transactions in a second with great network speed and low cost, scaling to a level that bitcoin has been unable to reach.

On Monday, the company announced that its mainnet, dubbed Chainweb, is fully accessible for public mining. The release would provide miners with the opportunity to solve blocks on Kadena’s public blockchain and mine for real Kadena tokens.

While most of the Kadena tokens will be distributed through mining, Kadena also plans to distribute around 30 million tokens, from Nov 5 to Nov 22, in order to raise $20 million in token offerings on popular platform CoinList.

Kadena’s token sale will be divided into two types aimed at both accredited and non-accredited investors. Within the non-accredited token sale, overseas investors will be able to purchase a non-US token for a price of $1 per token. The tokens will trade exclusively on CoinList during the first 40 days post which they will be open to free trading.

The second token, open to accredited investors in the U.S. or abroad, will be priced at $0.50 and will come with a lock-up period of one year.

This kind of dual offering would ensure regulatory compliance across regions.

Kadena also officially announced the launch of its token wallet, Chainweaver, that will allow people on their desktops to run dapps natively using this wallet.

Till date, the company is reported to have raised $15 million of funding from notable investors such as Multicoin Capital, Coinfund and Devonshire through a SAFT structure – an investment contract that promises the delivery of tokens on a future date.

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Sakshi Jain
Sakshi Jain
Insatiably curious and inappropriately funny, Sakshi lives by the words "Create more than you consume". An ex-employee of Goldman Sachs, Sakshi understands the nuances of all things finance. Now a content writer in the space of fintech, she wants to be both a witness and a teller of a revolution that changed the world we live in and in the process would want to be able to leave behind a legacy however small, however unknown but significant nonetheless.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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