Axios recently learned that crypto startup, Helium raised $200 million in Series D funding at $1.2 billion valuations, with its new investors Tiger Global and FTX Ventures.
The company had previously raised $110 billion in VC funding and $111 million last summer in a token sale. The investment firm, Skybridge Capital, in the market with an SPV is designed to buy Helium equity and tokens, reports The New York Times.
A decentralized network of half a million hotspots, Helium is a decentralized network providing the bandwidth for and collecting data from nearby internet devices. Helium tokens called HNT will be received by Hotspot owners. Owners receive more HNT tokens the more a hotspot is used. The current market cap of HNT is $2.9 billion even though it's not used on many popular crypto exchanges.
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