U.S. Blockchain and software development firm Orchid Labs has raised another $7 million within its latest private offering

United States-based blockchain and software development firm Orchid Labs has raised another $7 million within its latest private offering, according to a blog post published on May 7.

Following the new raise, Orchid now has secured $43 million out of targeted funding of around $125 million, as the firm specified in a filing to the U.S. Securities and Exchange Commission (SEC) in April 2018.

In the filing, Orchid revealed that the company raised $36.1 million via a Simple Agreement for Future Tokens by that time.

Founded in 2017, Orchid is developing an open-source decentralized and surveillance-free internet protocol intending to provide anonymized internet access to the global community. The project has a particular focus on people who live in countries with excessive intrusion in browsing by the government.

In the recent announcement, Orchid noted that its mission is to create a protocol governing a “decentralized marketplace with a commodity specification for bandwidth.” Specifically, the firm stated some key elements that would be included in the marketplace, such as a second layer payment solution dubbed “Probabilistic Micropayments” and a Medallion system for bandwidth providers that provides the Ethereum (ETH) network with Sybil resistance.

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Source: https://cointelegraph.com/news/orchid-labs-secures-7-mln-towards-development-of-protocol-to-end-internet-surveillance