Decentralized exchange DEXON from COBINHOOD gets USD $20 million boost
The DEXON Foundation, which guides the development of the decentralized exchange, DEXON, today announced it received a $20 million private placement led by IDG Capital. IDG Capital is a venture capital firm that has had more than 150 successful exits and manages more than $20 billion in assets; portfolio companies include App Annie, 5Miles, and WeCash.
DEXON was founded by the leadership team of COBINHOOD, a crypto exchange ecosystem with zero fees, which launched in December of 2017. Besides IDG, the DEXON private placement was joined by angel investors who understand the potential of a lightning-fast decentralized protocol.
Along with the funding news, DEXON is concurrently announcing the results from its first test of transaction speeds, which clocked 50 blocks per second with 25 nodes – an estimated one million transactions per second given a block size of 2MB and an average transaction size of 100 bytes.
Through the use of a blocklattice structure along with a total-ordering consensus algorithm, DEXON is able to make decentralized transactions scalable for the exacting demands of real-world usage. Unlike traditional blockchain systems that build encrypted blocks linearly, DEXON’s blocklattice features multiple blockchains that work together in parallel, making it easier to scale automatically and energy-efficiently.
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