Pithia, RChain Cooperative Invests 2.4 Million into DigitalTown ID Tech
DigitalTown is confirming the receipt of a $2.4 million windfall from Pithia, Inc, which is the venture capital arm of The RChain Cooperative. The money will be used to speed up the company’s self-sovereignty project that targets successful local economies. DigitalTown has a stellar reputation as the premier public corporation to commit to blockchain.
Following this announcement, Lawrence Lerber, CEO at Pithia, and two more company executives will become part of the DigitalTown board. DGTW is also working with lifeID to make sure that its identity management concept comes to fruition. The two are heavily involved in the self-sovereign identity program that once realized, will roll out free of charge to everybody.
This is barely the first time someone is injecting their capital into DigitalTown; towards the end of April, the company received $1million from the University of California in San Diego.
Robert Monster, the CEO at DigitalTown, believes that these partnerships are strategic for the company going forward. He touts the company’s success in wooing the right investment partners and feels that Pithia brings a lot of executive experience from a wide range of backgrounds in the industry. Monster believes that RChain is the key to high potent distributed internet.
Lerner on the other hand believes that this partnership benefits consumers in that it gets services of all kinds closer to them via the power of the blockchain. He indicates that the arrangement brings the world closer to a blockchain that actually offers real services to real people. Lerner predicts that the move sets the foundation for an ecosystem that will be entirely based on the blockchain.
At the moment, DigitalTown is providing solutions in the Austin-San Antonio areas of the Central Tx corridor. Graham Weston, a leading tech entrepreneur and San Antonio resident, is excited about the move and welcomes DigitalTown’s forays into the area.
DigitalTown is using lifeID and RChain to provide its services. It also hosts infrastructure upon which devs in the blockchain space can build decentralized apps (Dapps). The company has also for a long time been pushing for the adoption of Smart City innovations as well as Dapps for specific cities. It has mobile and web applications that help cities to work together and create workable visions for sovereign communities. DGTW has been able to implement that vision in places such as London, Nashville, and Miami.
DGTW’s motivation is to ensure that the idea of Smart Cities thrives in the digital spectrum. Its vision is to make sure of the emergence of ‘digital towns’ which help communities to thrive and pull in visitors by means of solutions that come from within these communities. The solutions in this case are geared toward civic engagement, digital inclusion, and economic empowerment.
A Little About Pithia
Pithia came about in 2016. It is the venture capital wing of The RChain Cooperative. The company has a staggering $170 million war chest, all of which is expected to help in the development of blockchain 3.0. The company also has a broader vision that seeks to drive up enterprise adoption by investing in key technology drivers such as governance, supply chain, payment, identity, and storage.