Keeta Network Soars On Reported Investment from Eric Schmidt

Keeta Network, a Layer 1 blockchain, is gaining momentum after moving “out of stealth” and launching its token on Base on March 5. The token nearly tripled after reported investor Eric Schmidt followed the project’s X profile yesterday.

The network’s native token, KTA, garnered attention shortly after its launch as traders discovered a Techcrunch report from 2023, which cited Schmidt, the former Google CEO and 54th richest person in the world according to Bloomberg, as the leader of an investment group that funded Keeta with $17 million in 2023.

Keeta founder Ty Schenk also spoke on Schmidt’s involvement in an X space held on March 7.

The token release was initially met with skepticism, considering the magnitude of the investment claims, the lack of an existing product, and the unconventional launch of a Layer 1 network’s token on an Ethereum Layer 2.

However, KTA surged by 185% in just 24 hours after Schmidt followed the official Keeta X profile page on March 17, which many traders have taken as confirmation of his involvement with the project.

According to reports from PR Newswire, Schmidt spoke about the investment in 2023 and said, "Keeta's technology is orders of magnitude more scalable and efficient than existing solutions."

Keeta recently announced its upcoming testnet, which is expected to launch by the end of March, along with a compatible wallet solution and block explorer. The chain claims to focus on small-scale cross-border payments and seeks to offer an alternative to existing solutions such as SWIFT, which focuses on high-value transactions.