Qtum a Shanghai-based blockchain company, announced on Wednesday a more than 1 million USD angel round from top blockchain evangelists, academics, venture capitalists, and technology enthusiasts on Wednesday. The company claims they have the world’s first digital currency that can execute smart contracts with a proof-of-stake consensus mechanism, and are now working on a project called Qhola to circulate its currency on top of WeChat mini program.

Some of the project backers include Kuaidi founder Chen Weixing, OkCoin CEO Star Xu, founder of Ethereum and Jaxx Blockchain Interface Anthony Di Iorio, blockchain technology advocate Bo Shen, and Chinese angel investor, Xiaolai Li.

Qtum (pronounced “quantum”) is an open-source value transfer protocol and decentralized application platform that aims to pool the development resources of Bitcoin with decentralized application developers from Ethereum. Ethereum is a platform and a programming language that makes it possible for any developer to build and publish next-generation decentralized applications.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com