Singapore blockchain player Rubix raises $100m

“Rubix is a gamechanger for international transactions. It’s exactly the type of innovative disruptor we look to partner with,” Warren Baker, a managing partner at LDA, said in a statement.

“What sets the Rubix blockchain apart is its environmentally friendly crypto framework and focus on leveraging the web3 technology to address some of the biggest issues society faces today. This isn’t just a coin, it’s a true transformation in how online transactions are processed.”

Rubix claims its protocols require no transaction fees and minimal infrastructure costs. Energy economy and sustainability are key aspects of the offering, with the system burning only 1 kilowatt-hour of electricit6y per transaction. Bitcoin, by comparison, uses more than 700 kWh per transaction.

Rubix software can be freely downloaded on any PC or virtual machine and is said to provide high security and privacy. Its virtual community has more than 12,500 validators, which represent programs for verifying the correctness of transactions.

The company also uses a “proof-of-pledge'' system to process transactions - described as a clean alternative to the mining-intensive proof-of-work or unreliable proof-of-stake methods. Proof-of-pledge architecture is said to allow each transaction to achieve finality without expensive, energy-intensive processes that plague other systems.

In addition to driving web3 developments, the fresh capital will be used for education programs, policy development, and enabling partners to build apps on the platform that address social and environmental issues. There will also be a global hiring drive: the team is currently spread across Singapore, India, the UK, the US, and the United Arab Emirates.

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• Topics
• Southeast Asia
• Technology
• Expansion
• Singapore
• Cryptocurrency
• blockchain
• metaverse