During Series D fundraising round a $20 million investment by Mike Novogratz’s Galaxy EOS Ecosystem Fund was gained. Also there were attracted such existing investors such as Breyer Capital, IDG Capital Partners and Vulcan Capital.
The CEO of High Fidelity, Philip Rosedale is also known as the creator of the highly popular virtual world Second Life. He is creating a blockchain infrastructure to back a billion VR customers and has already constructed a native cryptocurrency and digital-asset registry.
The High Fidelity platform is currently in beta, so it has been partly launched. The headsets that will really take us into the big consumer market are not available just yet. A lot of our early focus is on location-based facilities.
CEO, High Fidelity
In the virtual reality, the users will access tokens regulated by a tablet-like device to purchase goods licensed by real-world merchants. Rosedale provides the scenario of a person wanting to look cool in VR acquiring a pair of Rayban sunglasses. The purchase and virtual sunglasses would then be recorded by the merchant on the EOS blockchain platform.
The head of strategic partnerships (Galaxy Digital), Sam Englebardt claimed on the matter:
It’s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.
Head of Strategic Partnerships, Galaxy Digital
High Fidelity is aimed to enter in the Metaverse or the universe of virtual reality worlds. Rosedale ran Second Life in 2003, and this gave birth to a cryptocurrency named Linden dollars. That produced above $4 billion globally in virtual transactions. For the new virtual world, he will use blockchain to create a token called High Fidelity Coin. It is a stable coin paired to the US dollar, the digital money will be needed to apply the VR platform.