Dfinity, a new cryptocurrency rivaling Ethereum, raised $61 million by investors Andreesen Horowitz and Polychain Capital.
It is the first token that Andreesen Horowitz has directly invested in digital currency tokens.
The $61 million investment pushed Dfinity’s total funding to over $100 million.
In an interview with CNBC, Dfinity’s Chief Scientist Dominic Williams said that the cryptocurrency represents the “internet computer that will become the cloud 3.0.”
“Dfinity is ultimately a new technology protocol with no back doors where hackers can get in,” Williams said.
According to Williams, the technology offers a mere 3-5 second transaction finality. This is roughly 150 times faster than Ethereum and more than 900 times faster than Bitcoin.
Ryan Zurer, venture partner at Polychain Capital, who led Horowitz’s fund’s investment was quoted by CNBC as saying:
“This is extremely important for scalability and transaction throughput on the network and will be important for any use-case that requires high-frequency transactions such as IoT or enterprise solutions. This will be the beginning of an architecture that becomes the new internet.”