Connect with us

Press Release

Fuse Labs Receives $5 Million Investment from Publicly Traded Digital Asset Firm, Tectona.

mm

Published

 on

Tel Aviv, Israel, 9th May, 2022, Chainwire

Tectona, the largest publicly traded digital assets firm in Israel announced the signing of a binding agreement with web3 payments company Fuse Labs.

The $5 million raised will be used to fuel the development of Fuse Charge, a brand new SaaS product on Fuse Network, that enables developers to rapidly build apps that can process payments at scale and dramatically reduce the heavy lifting required for building blockchain payments implementation. Key objectives include providing high-quality, robust, and non-custodial middleware ready for mainstream adoption by merchants and consumers; building a knowledge center for smart contract developers in Israel, and implementing smart contract innovation for the payments industry.

“We plan to hire the best blockchain developers to build a global leader in blockchain payments. With Tectona’s help, we will build a local knowledge center for smart contracts for the payments industry.” – Fuse CEO, Mark Smargon.

By partnering with Tectona and leveraging their regulatory assistance and business development support, Fuse aims to change the Israeli attitude towards crypto. Fuse Labs are also exploring the creation of an Israeli-Shekel stable coin that can operate in the local fintech sandbox enabling a whole myriad of use-cases that were previously impossible.

The agreement was conducted via the provision of an interest-free loan that is convertible for future shares in a Fuse Labs equity raise. Fuse (FUSE) Tokens, the native currency of Fuse’s business-friendly blockchain were also allocated as part of the deal.

Fuse has experienced exponential growth in the last year, amid increasing demand for blockchain payments across the entire web3 space, leading to the successful deployment of multiple real-world implementations on the platform by brands including GoodDollar, Peepl, Comunitaria, and Bitazza.

Tectona is led by a stellar team of entrepreneurs including the well-known Israeli finance figure and chairman of multiple crypto companies, Yariv Gilat, and Bancor cofounder Guy Ben Artzi, now Chief Architect at Tectona.

“Fuse has been working for 3 years under the radar and built a community and network of companies and people worldwide that believe that blockchain payments are ready for prime time. A great fit for Tectona and a long time partner for our vision.” – Chairman of Tectona, Yariv Gliat. 

“We saw a great opportunity to join and build with Fuse thanks to the growing demand we have at Tectona for payments services that can finally bring blockchain-based applications to the mainstream. We are excited to support Fuse Labs and the Fuse Network in making its vision a reality.” – Chief Architect at Tectona, Guy Ben Artzi.

About Fuse 

Fuse is a web3 payments platform featuring a fast and low-cost, business and consumer friendly-blockchain ready for mainstream adoption.

About Tectona 

Tectona Ltd is one of the largest publicly-traded companies In Israel, dedicated to creating, trading & investing in digital assets.

Contacts
  • Robert Miller
  • Fuse
  • robert@fuse.io
  • +33662294440

This is a paid press release. Securities.io does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Securities.io is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.