Swarm Association, the team behind the development of an Ethereum-based decentralized storage network, has raised $6 million in a private token sale.
The sale saw Swarm’s native BZZ tokens get distributed to venture firms, including HashKey Capital, NGC Ventures, and KR1. Bitcoin Suisse facilitated the sale.
With fresh capital at hand, Swarm looks to launch its mainnet in Q2 of this year that has been under development for the last four years. Swarm’s network is expected to serve as the serverless internet’s operating system that hosts and runs decentralized applications.
Near the mainnet release, Swarm also plans to hold a public token sale, details of which will be shared when it is confirmed, said the association.