PANews reported on August 29 that according to The Block, Layer 1 crypto network Quai Network announced the completion of a $5 million strategic financing round, with investors including Cogitent Ventures, MH Ventures, TPC Ventures, Giga Chad Ventures, and DexCheck Ventures. This round of financing brings Quai Network's total financing to $15 million, having previously received $10 million from Polychain Capital and Alumni Ventures. The new funds will be used to expand the engineering and development team, support research and development work, and invest in community engagement projects. In addition, Quai will also launch a mainnet-compatible developer network to further promote the scalability and security of blockchain technology.