Wire Network will use the funds to develop its technical layer, connect additional blockchain networks, and support app development.
Computing platform Wire Network has secured a Token Subscription Agreement with investment firm GEM Digital Limited for up to US$50 million in post-listing token purchases.
The funds will be used to develop its Universal Transaction Layer (UTL), connect additional blockchain networks, and support app development.
Wire Network aims to build a model for funding and allocating computing resources; developers can provision capacity for an application and assign resources, and users can use the app without paying separate gas fees.
The team behind the platform is building towards a planned ecosystem which will connect Ethereum and Solana through smart contracts, liquid-staking infrastructure, and integrated liquidity pools.
Kyle Dolan, Co-Founder and CTO of Wire Network, said: “We want developers to be able to plan their computing resources, reach assets across networks, and let people use the wallets they already trust, giving them more freedom to focus on the product.”
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