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Skynet EGLD Capital has received an investment of over 40 million from various organizations. The investment will be used to grow the Elrond ecosystem and raise its level of adoption by decentralized finance (DeFi) protocols.
The recent funding round was supported by some of the leading names in the cryptocurrency space. The Elrond Network ecosystem has witnessed phenomenal growth in recent months, and its community has expanded significantly.
Skynet EGLD Capital gets $40M funding
The recent fundraiser was backed by leading firms in the crypto industry, including Binance Institutional, Huobi Global, Spark Digital, Morningstar Ventures, Verko and Woodstock. Other participants included KuCoin and BitMart. The firm intends to use the raised funds to boost the growth of the Elrond Network.
The details of the funding round show that the firms were eager to support the growth of the Elrond ecosystem. The over $40M worth of funding was secured in less than two weeks. Moreover, some of the raised funds have already been adopted for use in different projects on the Elrond blockchain.
The Itheum and Maiar exchanges are the first beneficiaries of this funding round. In the coming days or weeks, the proceeds will be distributed to other projects within the Elrond ecosystem and grow the utility and adoption of the network.
Jordy Fiene, the founding partner at Skynet EGLD Capital, noted that the company was a major supporter of the Elrond blockchain and its technology. He noted that the recent funding was secured at an opportune time when the Elrond blockchain was witnessing remarkable growth levels.
“The network is rapidly maturing, and new waves of builders are joining the ecosystem at an unprecedented pace. This is the perfect time to double down on our commitment and support Elrond’s journey,” said Fiene.
Beniamin Mincu, the CEO and co-founder of the Elrond blockchain, also said that the growth of the Elrond blockchain would expand the presence of the network in the buzzing Web3 sector. He also noted that Elrond would spearhead the company’s growth towards emerging and sustainable sectors.
Mincu opined that the Elrond blockchain would offer the “shortest path to sustainable development and new markets for the most ambitious innovators building with Elrond blockchain technology.”
Elrond’s commitment to growth
The blockchain space has become increasingly competitive. Blockchains focusing on scalability, low costs and fast speeds are being favoured by developers. The Elrond blockchain is showing commitment toward expansion to boost its competitiveness in the blockchain sector.
In Match, the Elrond blockchain announced the acquisition of Twispay, a payments company based in Romania. The blockchain finalized the deal after getting approval from the National Bank of Romania.
Through this acquisition, the Elrond blockchain is targeting to offer a wide range of digital asset services in the European Union. Its plans include being a stablecoin issuer and supporting the development and use of crypto-backed debit cards. The network is also focusing on on-fungible tokens (NFTs).
Mincu noted that the acquisition of Twispay was a notable development for the blockchain project. He showed optimism toward the growing use of crypto assets in Romania and the EU due to increased demand for convenient and fast payment processing systems.
“This landmark decision from the Romanian Central Bank opens the door for EU citizens, and soon for everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at 100x fewer costs, with full transparency, and higher reliability,” Mincu said.
Moreover, the Elrond network announced receiving the green light to offer payment services to its users. The platform said it would offer these services according to the Payment Services Directive (PSD2).
To learn more visit our Investing in Elrond guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.