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Decentralized Payment Platform, Logos Network, Bags $3 Million in Funding

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Logos Network, an Irish-based decentralized payment system, has announced that it has raised $3 million in seed funding. Some of the investors included ZhenFund, Digital Currency Group, Inc.(DCG), INBlockchain, Blockwater Capital, Global Blockchain Innovative Capital (GBIC), AlphaBlock Capital, and AlphaCoin Fund.

Logos Network was created in 2017 in order to provide a cheap and secure payment service. Michael Zochowski, the CEO and founder of Logos Network, said:

If we are going to truly realize the disruptive potential of distributed ledger in payment applications, we need to remove the hurdles to adoption — namely speed, volume, cost and security. The Logos Network platform provides an elegant and secure solution to enable organizations and communities to scale transactions to unprecedented volumes.

DCG’s Vice President of Investments, Travis Scher, also said the company was excited to work with Logos Network to create a decentralized platform. DCG has invested in almost 120 blockchain and bitcoin-related companies. CEO Barry Silbert has also spoken in favor of Bitcoin in various interviews. On July 18th, he told CNBC that Bitcoin may have hit its bottom. “As an asset class it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay,” said Silbert.

Cryptocurrency Regulation in Ireland

In June 2018, local media outlet The Irish Times reported that cryptocurrency users in the country have increased by 300% in the last four years. The attitude of locals have changed from suspicion to curiosity. Almost 120,000 people now own cryptocurrencies in Ireland. Once again, majority of these owners are millennials.

Due to the growing interest in cryptocurrencies and blockchain, the Irish government has started observing the new technology. The Irish Revenue Commissioners announced in May 2018 that all cryptocurrency transactions would be subject to taxation. However, mining and partaking in ICOs don’t fall under the guidance provided by the commission.

Image Credit: Deposit Photos

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