On Sep 11, 2020, Cypherium, the enterprise-focused blockchain platform, unveiled plans to raise capital via a secondary token sale hosted on TokenSoft. Headquartered in New York, the blockchain company built a pioneering cross-chain interoperability solution for CBDC-powered cross-border payments.
As per their announcement, Cypherium plans to offer participants the opportunity to acquire Cypherium’s multi-level governance token (CPH). This token will serve as gas for executing smart contracts and transacting on-chain.
Cypherium’s hybrid blockchain mechanism incorporates a mix of Proof-of-Work (PoW) and HotStuff BFT consensus algorithms, enabling the platform to process more than 10,000 CPH transactions per second.
The company now expects to raise $50 to $78 million through the final public sale for their CPH tokens, scheduled to commence on Sep 14, 2020, at 9:00 PM PT (UTC-7).
Sky Guo, Cypherium’s CEO, revealed that his company would offer 300 million CPH tokens in two phases. Phase 1 will sell 200 million tokens at 0.25 USDT per CPH, followed by phase 2, which will sell 100 million tokens for 0.28 USDT per CPH.
Any surplus tokens still available after the sale ends will be transferred to the Cypherium ecosystem fund for use at a future date. The CEO explained that they selected TokenSoft the public sale since the platform has advanced capacity to implement preventative compliance.
Offering Powerful Tools for Sidechain Developers
Cypherium has emerged as a next-generation public network that leverages blockchain tech to improve scalability and cross-chain interoperability. The platform has now introduced a more effective Multi-level governance that separates the governance for the protocol and the application’s governance.
This model offers powerful tools for sidechain developers to build their governance systems by incorporating scenarios that apply to their specific projects. Headquartered in New York, Cypherium has developed numerous partnerships with enterprise giants such as Blockfolio, Randstad, and Amazon.
Tech giants such as Google and IBM also support the platform’s efforts to foster blockchain development worldwide.
Cypherium Facilitates Blockchain Development in China
The Cypherium project aims to solve the shortcomings of blockchain tech to foster widespread enterprise adoption. On Jul 28, the enterprise-level blockchain platform partnered with Suzhou Municipal in China to advance the city’s development of blockchain Infrastructure.
Suzhou is among the pioneering cities that piloted china’s digital Yuan, along with other blockchain-related initiatives. Cypherium CEO, Sky Guo, stated that his company plans to play a significant role in expanding the city’s blockchain-related proficiencies.
He specifically noted that Suzhou’s diverse blockchain developments would rely heavily on his company’s cross-chain interoperability functions.