Decentralized payments platform Logos Network has announced that it has raised $3 million in a seed funding round through its Logos US Fund.

The funding round saw participation from ZhenFund, Digital Currency Group, Inc.(DCG), INBlockchain, and Blockwater Capital. Other notable investors include Global Blockchain Innovative Capital (GBIC), AlphaBlock Capital, and AlphaCoin Fund.

Founded last year, Logos Network is developed by blockchain consulting company Promethean Labs and is based out of Ireland. Based on distributed ledger, the platform is designed “for massive throughput and ultra-low latency, enabling fast, cheap, and secure transactions on a global scale.”

Logos Network seeks to transform financial applications – from IoT micropayments to point-of-sale, where it can significantly reduce costs and frictions compared to conventional rails. The latest funding will be used to support the ongoing development of the platform.

“This funding is an important validation of our technical vision for Logos Network,” said Michael Zochowski, creator of Logos Network. “If we are going to truly realize the disruptive potential of distributed ledger in payment applications, we need to remove the hurdles to adoption — namely speed, volume, cost and security. The Logos Network platform provides an elegant and secure solution to enable organizations and communities to scale transactions to unprecedented volumes.”