The layer-1 network Swisstronik, which enables developers to create scalable apps while maintaining regulatory compliance and customer privacy, has announced the completion of its $5 million seed funding round. Additionally, it began its private token sale by selling MAQ Capital Home $SWTR tokens valued at $500,000 as an initial deal.
By offering a strong, user-friendly, and secure network that depends on hardware and software solutions to handle issues with legal compliance, data privacy, and interoperability, Swisstronik hopes to encourage the real-world use of blockchain. The project aspires to uphold the privacy and decentralized principles of cryptocurrencies while becoming the go-to blockchain solution for dApp developers, people, businesses, and anyone else who appreciates safety.
Chief Product Officer Valerii Brizhatiuk and Blockchain Team Lead Mike Antonuk jointly launched the startup’s first seed fundraising round last year and came up with the idea for Swisstronik. Entrepreneurs working in the blockchain space Anton Polianski and Constantin Guggi immediately became interested in the co-founders after hearing about Swisstronik, and they rapidly concluded they wanted to become more engaged. They became involved with Swisstronik first as investors before formally joining as co-founders and taking on the operational positions of Chief Executive and Chief Operating Officer, respectively.
Guggi and Polianski’s accession to Swisstronik adds a wealth of experience. Since 2016, the duo has been active in the blockchain industry, originally developing a cryptocurrency mining operation and a fully functional private infrastructure. Guggi and Polianski invested $2.5 million in that enterprise, which they were able to effectively exit in 2018 with a 5X profit, just before the start of the crypto winter they had prophesied for that year.
After that, the entrepreneurs focused on the communications industry, working on a number of initiatives, including Tawasal Superapp, a platform that has become very well-known in the UAE and was recently valued at $200 million by one of the top four auditing companies. Guggi and Polianski also started aggressively investing in and participating in the UAE’s IT services market, concentrating on a number of industries such as healthcare, payments, and real estate.
Since Guggi and Polianski joined forces with Brizhatiuk and Antonuk, Swisstronik has advanced quickly. Last month, the company announced the formal launch of their testnet, allowing its L1 to facilitate safe and private transactions. Swisstronik’s Compliance Suite, scheduled for release in late 2023, may lessen the regulatory burden on any organization by performing compliance management in a more efficient, decentralized way to assure privacy and safety for every user.
Swisstronik has started its private token sale after launching its testnet and finishing its seed round. It gives anyone who are interested in the project an early chance to purchase the future $SWTR tokens required for access to the Swisstronik network’s decentralized compliance services. The first transaction in the current private token sale has now been completed, with Mohammed Abdul Qadir Jihad’s MAQ Capital Home purchasing $500,000 worth of future $SWTR. The purchase will allow MAQ Capital Home, a fervent supporter of Swisstronik, to interact with and contribute to the company’s ecosystem of compliance solutions.
There are many more transactions in the works, set to be disclosed shortly, and Swisstronik’s private token sale is expected to go until mid-2024. Swisstronik intends to start a public sale of $SWTR tokens in the second half of 2024 once the private token sale is finished; more information will be released at a later time.