UAE Alphabit Fund Leads investment round of 2 million USD in Paid Network powered by Polkadot

Paid Network(PAID) has closed a $2 Million funding round led by UAE based Alphabit Fund & Master Ventures. Other investors and partners include A195, AU21, Brilliance Ventures, Phoenix VC, and X21. According to the press release, PAID's private sale has been oversubscribed, with more than $21 Million committed already. According to PAID's spokesperson, the value of allocation requests is growing by $1 Million daily.

PAID Network is using the funds from the recent funding round to continue to build the world's first decentralized SMART Agreement DApp powered by Polkadot. After successfully launching the PAID Network MVP in December, allowing parties to sign Agreements on the PAID Network, the team has set their eyes on their upcoming TGE (token generation event) coming January 2021. Currently operating on the Rinkeby testnet, anyone can create and sign contracts that are saved on the IPFS/Ethereum network ledger forever and access it via connecting their Ethereum wallets.

Saeed Al Darmaki, Managing Director of UAE based Alphabit fund stated, "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." 

Saeed Al Darmaki, a UAE national has been a proponent of Blockchain and crypto for a very long time. UNLOCK interviewed him in 2020 to discuss his thoughts on crypto, blockchain and his new endeavour egovern. 

The close of the fundraising acknowledges PAID's early mover advantage as one of the first legaltechs using digital ledger technology (DLT) to make business on the blockchain more secure for everyone. The powerful e-signature is backed by negotiation, arbitration and DeFi services — providing an end-to-end contracting solution. The smart contract executes all functions on the blockchain and because the market for blockchain platforms and services is forecasted to grow at a CAGR of 67.3%  to $39.7 billion by 2025, the PAID team has a headstart.