Orbs raises $118 million to fund development of blockchain platform for large-scale consumer applications

NEW YORK, May 15, 2018 /PRNewswire/ -- Today, at Consensus 2018, Orbs, the blockchain platform built for large-scale consumer applications, announced it has already raised more than $118 million to fund the development and launch of the Orbs platform, which it will bring to market in June.

Orbs' goal is to commoditize blockchain infrastructure for large scale consumer applications. Orbs is building a fully decentralized public platform that makes the transition to blockchain easier for the industry as a whole. The platform is specially designed to meet the needs of large scale consumer applications, with a core product experience inspired by well-established infrastructure solutions such as Amazon Web Services (AWS) and familiar terminology like Service Level Agreements (SLA) and dedicated resources. 

Orbs was founded by Tal Kol, Uriel Peled and Daniel Peled; all three are veteran entrepreneurs with experience building consumer applications including successful acquisitions to Alibaba and Wix.com. In order to achieve their goal of building a blockchain for consumer apps, they've recruited over 60 employees from leading startups and academic institutions.

Orbs has recently released its two cornerstone documents, a position paper outlining its technology and strategy and the white paper for their own consensus algorithm, Helix. Both papers outline the company's laser focus on technological solutions needed for the consumer application market's unique challenges.

Among the early adopters in the Orbs network are Orbs' initial design partners, whose input has shaped Orbs' product decisions since its inception. Design partners include the chat app, Kik, adtech giant, Zinc designed with ironSource, business intelligence platform, Endor and payment platforms, PumaPay and Zooz.

"The positive reception of our project is a sign of the confidence our partners have in Orbs, and the demand for a specialized blockchain which can transform the consumer applications marketplace," said Uriel Peled, co-founder of Orbs. "The consumer applications marketplace is ripe for disruption. Orbs has the unique background and insights to design a blockchain for the specific needs of large consumer application developers."

The launch of an alpha version for early design partners will take place in June, allowing them to start mirroring traffic on the Orbs blockchain and testing.

Orbs co-founder Uriel Peled will participate in a panel discussion, "Transitioning Consumer Apps to Blockchain" as Consensus in New York on Wednesday May 16 at 10:30 a.m. The panel will be moderated by Camila Russo, Markets Live blogger and cryptocurrencies reporter at Bloomberg News.  Peled will be joined on the panel by:

• Dany Fishel, EVP Kin Partnerships at Kik
• Daniel Skowronski, CEO of DX.Exchange
• Itay Milrad, Co-founder and CTO of ironSource

About Orbs:

Orbs is a public blockchain built for the needs of consumer applications with millions of users, from SLAs to adjustable fee models to on-demand capacity. Orbs is working to create new blockchain business models that are fair, stable and offer a more empowering user experience. For more information, please visit www.orbs.com, or join our community at:

• Telegram: https://t.me/orbs_network
• Twitter: https://twitter.com/orbs_network
• Reddit: https://www.reddit.com/r/ORBS_Network/

SOURCE Orbs