DAPP ecosystem PAID Network has closed a $2 million funding round led by Alphabit Fund and Master Ventures, with participation from A195, AU21, Brilliance Ventures, Phoenix VC, and X21.
PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID. Leveraging Plasm to operate on both Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts execute DeFi transactions and business agreements seamlessly, making business exponentially more efficient.
PAID’s private sale has been oversubscribed, with more than $21 million committed already. According to PAID’s spokesperson, the value of allocation requests is growing by $1 Million daily.
The latest funding will be used to continue to build the world’s first decentralized SMART Agreement DApp powered by Polkadot. After successfully launching the PAID Network MVP in December, allowing parties to sign Agreements on the PAID Network, the team has set their eyes on their upcoming TGE (token generation event) coming January 2021. Currently operating on the Rinkeby testnet, anyone can create and sign contracts that are saved on the IPFS/Ethereum network ledger forever and access it via connecting their Ethereum wallets.
“All industries are currently working to migrate their business functions onto blockchain. Trust in the smart contracting process, at the nexus of transaction management on blockchain, will be the key enabler of permissionless secure transactions,” said Saeed Al Darmaki, Managing Director of Alphabit fund. “PAID Network’s SMART customizable contracting solutions make distributed digital contracting trustless and secure. They will allow the deployment of credible self-executing contracts in any use case.”
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