DigitalTown, a smart city technology company is set to benefit largely from a $2.4 million investment from Pithia. According to the investor, which is a venture capital company of The RChain Cooperative intends to hasten the development of the DigitalTown as it seeks to obtain its identity within local and thriving economies. On the other hand, Pithia has a special interest in DigitalTown’s turnkey solutions, which more often than not bring together merchants and visitors.
Apparently, this is not the first investment from Pithia towards the advancement of the blockchain 3.0 ecosystem. It is also worth mentioning that the investment in DigitalTown is expected to put together foundational services and only which will benefit consumers in their everyday businesses.
DigitalTown’s purpose is local but their vision is global
The truth is that there are billions of citizens interacting and transacting with businesses through the digital environment. Their aim is to drive economic success while maintaining full control of their identities. That said, it is clear that DigitalTown is not only targeting local residents but it is also seeking to enter the global space.
Pithia CEO, Lawrence Lerner says, though it is a small company, “It is one more of the layers of infrastructure services bringing us another step closer to impactful, real-world use cases for performant blockchains.”
New business models are revolutionary and will grow the ecosystem
DigitalTown has already taken its solutions to Central Texas corridor, Austin, and San Antonio. It is also in Miami, Nashville, and London. The solutions are meant to allow the working together of residents, visitors, merchants, and municipalities. Graham Weston, a former chairman of Rackspace Hosting commends the business model citing that it will help the ecosystem in adapting to the blockchain technology.
Meanwhile, Lerner will be joining the DigitalTown Board of Directors alongside two other people. The CEO’s team is well seasoned, with a range of operating backgrounds. On the other hand, Pithia’s investment demonstrates the strength in blockchain and also its aim of enabling developers and consumers earn value for themselves..