Business

Helium Network raised $111M to expand its P2P Wireless 5G Network

helium p2p 5g 111m 500kossingerbloomberg

Helium Network, a leading decentralized wireless system player, confirms its new token sale of $111 million. The biggest participants were Andreessen Horowitz and many leading blockchain entities. The HNT token drew several VCs including Alameda Research, Ribbit Capital, Multicoin Capital, and others.

Ali Yahya, General Partner, Andreessen Horowitz, feels that new regulations like Helium for cryptocurrency will be game-changers for the sector while rivaling larger telecommunications providers. He also states that his company will be collaborating to build a grassroots telecom network with Helium.

Sam Bankman-Fried, founder, Alameda Research, states that Helium offers an excellent option for taking 5G to the world. He also feels that this will massively impact lives worldwide. Helium came around 2013, courtesy of Amir Haleem, Shawn Fanning, and Sean Carey. It uses blockchain tech and is currently involved in the first global peer-to-peer wireless network development. The company wants to develop wireless systems for IoT (Internet of Things), and its new-generation connected devices. Helium is present in North America and is expanding in Europe at present.

The company will use its funds for ramping up its 5G network and boosting operators of mobile networks. Andreessen Horowitz has driven some of the biggest cryptocurrency fund-raising activities of late. The VC firm has a mint-fresh innovation fund for investing $2.2 billion in crypto and blockchain players.

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