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The blockchain start-up peaq can collect 2.5 million euros from a financing round. The company intends to use the capital to drive the expansion of the Internet of Things.

The Internet of Things needs reliable data structures to thrive. The Berlin blockchain start-up peaq is addressing precisely this problem – and can now book a successful financing. Because as the company announced, peaq collected a total of 2.5 million euros in fresh capital. The investment round was led by the investment company Scherzer & Co. AG and Werner Geissler, former Vice-Chairman of Procter & Gamble.

The Berliner wants the money Start-ups expand its blockchain solutions for corporate customers. This includes, for example, a digital platform for electromobility, called the peaq network. In addition, peaq announces a blockchain token. This should be both secure and cheap enough to be used for high-frequency transaction cycles. The press release says:

This investment will enable us to make peaq’s enterprise solutions available to even more customers and thus to make a valuable contribution with our technology in the Internet of Things and at the same time to promote the Economy of Things. We will continue to pursue our mission to make our technology even more accessible to society and to build an even stronger bridge between the real world and the blockchain ecosystem,

says Till Wendler, CEO of peaq after the end of the financing round.

First blockchain company in the VDA

Previously, peaq had already come into the focus of reporting when it was the first blockchain company to join the Association of the Automotive Industry (VDA). Together they are working towards the goal of making mobility even safer, more efficient, more comfortable and more environmentally and climate-friendly. To this end, the start-up has been cooperating with major players in the German automotive industry for two years. Their goal: to make the charging and payment process for e-cars more customer-friendly and safer.

You can read about how the blockchain affects our mobility in general in the new edition of the Kryptokompass.