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Qtum Public Blockchain Receives Further $1-million Funding

Public blockchain network Qtum has announced a further successful $1-million funding round, as it continues to develop its hybrid infrastructure for blockchain transactions.

Combining the transactional features of bitcoin with elements of the ethereum consensus model, Qtum is pursuing the development of a new public blockchain, which will ultimately be available as an open-source platform for use in a number of industry applications.

The investment comes hot on the heels of $1 million in funding raised by Rootstock, a startup with similar aims. With the further funding on board, Qtum can now accelerate the development of its infrastructure, which seeks to combine elements of both the bitcoin and ethereum platforms.

The company has attracted investment from some high-profile names in the blockchain industry, including ethereum founder Anthony Di Iorio, the CEO of OKCoin Star Xu, and Xiaolai Li, the founder of BitFund.

According to Patrick Dai, the founder of the Singapore-based Qtum project, the funding will allow the team to invest in the development of cryptographic tokens ahead of an eventual IPO.

“We raised the money to prove that our approach is right. We used the money to do the minimum viable product. The testnet is live now, but it is private, it is already working."

Di Iorio, on investing in Qtum, said the strength of personnel was one of the main reasons he expects the company to achieve its mission.

"All in all, I believe them to be the best team out of China and Asia. This has led them to see where improvements are needed in smart contract platforms, learn from mistakes of ethereum, focus on the region they know best."

The Qtum blockchain project is focused on ironing out the issues between both the bitcoin and ethereum platforms, betting that users will look to alternative platforms, particularly with support for so-called smart contracts, which allow for external data integration with blockchain data.

It becomes the latest blockchain startup to attract financial support from private investment, as the industry continues to develop frameworks and potential applications for the blockchain in practice.