Nervos Network, an open source public blockchain organization, raised $72 million through the sale of its digital tokens, according to Reuters.
The organization is working to solve challenges facing blockchains, including Bitcoin and Ethereum.
Nervos Network sold the digital tokens between Oct. 13-24. The organization will use the funding for engineering and research and development.
Along with announcing the funding, Nervos Network also said Nov. 6 that it has launched its open-sourced blockchain network, known as Lina. Miners and developers will be able to participate on the blockchain beginning Nov. 16.
The blockchain is designed for developers to create products and services on the network without jeopardizing security. Additionally, the blockchain will provide improved speed and scalability.
"First-generation blockchains like Bitcoin and Ethereum paved the way by showing us what's possible," Kevin Wang, cofounder of Nervos told Reuters. "Nervos was built on their learnings but it's now up to us and our community to solve the problems of tomorrow as blockchain adoption is brought to the masses."