Helium (HNT) Reaches $1.2 billion Valuation With New Domain ‘Helium.com’

February 27, 2022 5:47 pm

Helium recently achieved some impressive milestones as a blockchain company such as acquiring the domain ‘Helium.com’ and reaching a total valuation of $1.2 billion from the latest investment round.

The company was founded back in 2013 and originally leveraged the growth of the “Internet of Things’ industry to offer more products and services to customers.

In 2019, the company made a pivotal switch when it decided to launch a product called ‘Hotspot’ which utilized blockchain technology.

The product focused on providing a decentralized way to connect millions of low powered devices to a hotspot network that could extend more than 200 times further than a regular WiFi hotspot.

DomainNameWire reports:

The Hotspot allows greater connectivity of “things” to the Internet. An early adopter of Helium’s Hotspot was Lime, the scooter startup, which planned to use Helium’s network to track the location of its scooters.

Alongside the Hotspot, Helium launched a new cryptocurrency, also named Helium. Hotspot owners can receive the Helium tokens every time something connects via their Hotspot.

The more a Hotspot is used, the more tokens the owner earns.

As of publishing, the Helium cryptocurrency has a market cap of over $2.5 billion, and there are close to 600,000 Helium Hotspots in existence. This popularity helped Helium close its latest $200 million funding round at a valuation of $1.2 billion.

At the center of Helium’s billion-dollar platform is a truly eye-catching domain name, Helium.com.

The company revealed that they had originally acquired the domain name Helium.com back in 2014 and was acquired during a time when the company was going through its Series A investment rounds.

Investors were optimistic about this purchase as it was believed that this would give a good platform for the company to grow the Helium network on and for customers to interact with the Helium brand.

Previously in the month, the company had also revealed that they had raised about $200 million in a Series D investment round which was what gave the company their $1.2 billion valuation.

Known investors that participated in the round included Tiger Global, FTX Ventures, Khosla Ventures and Multicoin Capital which are all high profile crypto investors who have had previous successful track records.

TheBlockCrypto reports:

Tiger Global and FTX Ventures have reportedly joined existing backers such as Khosla Ventures and Multicoin Capital. Previously, the company held a $111 million token sale led by Andreessen Horowitz (a16z).

Helium is building a crypto-powered decentralized wireless network that provides bandwidth and collects data from internet of things devices.

Owners of network hotspots receive Helium tokens, with the amount increasing the more the hotspot is used. Companies like scooter startup Lime and mousetrap company Victor use these devices to connect their products.

This network has reportedly amassed over half a million miners across the world in just two years.

At the time of writing, Helium’s native token HNT is ranked that 46th largest coin and has a total market capitalization of $2.56 billion.

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