A web3 altcoin that’s flying under the radar has surged to a new all-time high this week amid a fresh $40 million funding round.
Tomi (TOMI) went from trading at $1.36 one week ago to a new all-time high of $5.18 on Friday morning.
The 205th-ranked crypto asset by market cap has since retraced to $3.25, though it remains up more than 138% in the past seven days. TOMI is also up over 42% in the past 24 hours.
Tomi’s anonymous team has developed tomiNET, a project that bills itself as a “DAO-governed, surveillance-free alternative to the World Wide Web.”
The project raised $40 million in a new fundraising round led by the digital asset market maker DWF Labs, according to a press release from the company. Other backers include investment firms Ticker Capital and Piha Equities, Japanese crypto whale Hirokado Kohji and other private investors.
“As an investor, my focus is not only on providing financial support, but also fostering growth and expansion in the Asian market. With that in mind, I am committed to working with Tomi to ensure its success and wider adoption in this region.”
TomiNET says it’s focused on freedom of speech and access to uncensored information.
“The team will leverage the funds to facilitate the onboarding of big-name content creators and publishers to the network, ensuring users have secure access to high-quality content. The team is also developing a fairer monetization plan that will help creators focus on the content itself while staying away from distracting sponsorship mentions and ad breaks.”
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