Dfinity raises $61 million for platform that rivals ethereum

Dfinity, a new product that rivals ethereum, just raised $61 million by well-respected investors Andreesen Horowitz and Polychain Capital, which has investors ranging from Sequoia Capital to Union Square Ventures.

This is the first token Andreesen Horowitz has invested in. Chris Dixon, general partner at Andreesen, led his firm’s investment in Dfinity. Ryan Zurer, venture partner at Polychain Capital, led his fund’s investment, which is its largest to date.

The $61 million raised in this strategic round brings Dfinity’s total project funding to over $100 million.

Dfinity’s Chief Scientist Dominic Williams told CNBC that Difinity has the power to disrupt the world of technology, calling it the “internet computer that will become the cloud 3.0.”

But what sets Dfinity apart from the rest?

Williams says Dfinity runs extremely fast and doesn’t have the security risks that many cryptocurrencies have fallen victim too.

“Dfinity is ultimately a new technology protocol with no back doors where hackers can get in,” said Williams.

The security component is perhaps most compelling to investors given the number of hacks the cryptocurrency industry has seen in the last 12 months. The latest one in Japan involved over $500 million of tokens being stolen from consumers’ digital wallets…

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