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Indian government’s think tank NITI announced partnering with crypto-oriented 5ire and Network Capital in launching a blockchain module. The announcement by the apex public policy agency NITI Aayog on January 24 indicated it was partnering with career exploration and mentorship in the blockchain module.

Atal Innovation Mission Project

The Monday announcement by the Indian government’s apex body involved in formulating public policy confirmed the undertaking of the Atal Innovation Mission (AIM) project.

The project involves Atal Tinkering Labs (ATL) in over 10000 Indian schools to nurture innovation and entrepreneurial culture.

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In his address during the blockchain module launch, AIM’s mission director Chintan Vaishnav lauded the input of 5ire for its active input within the ATL to execute the blockchain module.

Sustainable Blockchain Module

Partnering with 5ire is a significant milestone since the startup realized $100M in a Series A funding round led by UK-based Sram and Mram. The startup appreciated the successful fundraising round that will enable it to become the pioneer blockchain unicorn. Besides, 5ire management confessed the blockchain module would align with the UN sustainable development goals (SDG).

Although 5ire remains mainnet, the entity is yet to launch, leaving the development initiative around the startup an interest. While the firm confirmed raising $100M in July, only a fifth was received by Monday, January 24.

5ire chief executive and co-founder Pratik Gauri acknowledged the receipt of $20 million in the initial tranche. He indicated that $10 million was realized when signing another $10 million in November 2022.

Discrepancy in Scheduled Mannet Date

While the executive indicated the firm was eligible to receive the second tranche, he ruled out the firm needed the funds now. Sram and Mram director Raghav Kapur revealed the prerequisites for receiving the subsequent tranches.

He indicated that 5ire promised to go live in January 2023.

Gauri ruled out disclosing the mainnet date portraying the speculations as a mistake. However, an earlier update on January 13 via the 5ire website confirmed the testnet concluded on November 30, with the mainnet scheduled for third-quarter implementation.

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Michael Scott

By Michael Scott

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