PAID Network Gains Funding as Startup Continues to Develop Its Business Blockchain Tech — DAPP

By Thomas Price Thursday, January 7, 2021

With cryptocurrency gaining significant popularity, one of the main effects of this trend has been the large-scale adoption of blockchain technology outside of the industry. As a result, many different companies and startups have been actively trying to harness blockchain technology for a variety of other uses outside of cryptocurrency, where it is certainly still used the most. PAID Network is the latest to do so, with the startup developing a decentralized app (DAPP) specifically designed to leverage blockchain technology. In turn, PAID Network has raised solid money from its latest funding round to help continue the growth of its business. As blockchain technology’s popularity grows, what does PAID Network do, what kind of funding has the startup received, and what can be expected from them in the future?

What Is PAID Network?

PAID Network is a startup that focuses on blockchain technology, and in particular, the development of their DAPP, which uses said technology to create decentralized finance powered SMART Agreements for businesses. PAID Network’s services essentially break down to creating standardized, simple SMART agreements, offering incentivized lending and liquidity pools, arbitration, reputation scoring, and community governed crowdfunding. Their company offerings have led to a series of interested investors who have been looking to put money into blockchain technology-based startups.

In PAID Network’s most recent funding round, the startup raised $2 million. The funding round was led by Alphabit Fund and Master Ventures with participation from A195, AU21, Brilliance Ventures, Phoenix VC, and X21.

The startup plans to use this money in order to further the development of their DAPP, which could certainly be a major platform of sorts in the very near future. At the same time, PAID Network has plans to launch a token generation event sometime this month. The event will be operating on Rinkeby testnet and will allow anyone to create and sign contracts that will automatically be saved on Ethereum and can be accessed at any time through the connected Ethereum wallet.

When speaking on blockchain technology and PAID Network, managing director of Alphabit fund, Saeed al Darmaki said, “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. 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.”

Final Conclusions

PAID Network is an exciting startup with creative development in blockchain technology that could be potentially utilized by a wide variety of users, companies, and business owners. With the startup’s decentralized app only being more fine-tuned and plans for a token generation event this month, there are serious plans and goals for the future being worked on currently. This is only further compounded by PAID Network’s recent funding, which will help the startup continue to support these plans as 2021 begins to unfold.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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