The Elrond network’s growth-focused investment fund – “Skynet EGLD Capital” – has raised over $40 million to further accelerate the development of the ecosystem. Backers were industry-leading companies including Binance Institutional, Huobi Global, Morningstar Ventures, Spark Digital Capital, and more.
Top companies flock to invest in the Elrond network
A document shared with CryptoPotato revealed that “Skynet EGLD Capital” raised over $40 million in a recent fundraiser, intending to use the proceeds to drive the growth of the Elrond Network ecosystem.
The investment was led by top venture capital firms such as Spark Digital Capital, Woodstock, Morningstar Ventures and Verko. Major cryptocurrency companies such as Binance Institutional, KuCoin, Huobi Group, and Bitmart also joined the funding round.
Funds of over $40 million were raised in less than 14 days. Part of the proceeds have already been deployed in different Elrond projects such as Itheum and Maiar Exchange products.
Jordy Fiene – Founding Partner of “Skynet ELGD Capital” – said his entity had been a “strong supporter” of Elrond and its technology.
“The network is maturing rapidly and new waves of builders are joining the ecosystem at an unprecedented rate. This is the perfect time to double down on our commitment and support Elrond’s journey,” the leader added.
Beniamin Mincu – co-founder and CEO of Elrond Network – felt that institutions are currently “rushing” to become part of the Web3 ecosystem. He raised hopes that “Skynet EGLD Capital” will provide “the shortest path to sustainability and new markets for the most ambitious innovators building with Elrond’s blockchain technology.”
The recent expansion of Elrond
Last month, the blockchain platform acquired Romanian payment company – Twispay after receiving the green light from the National Bank of Romania.
In doing so, Elrond Network intends to issue stablecoins, crypto debit cards, and non-fungible tokens (NFTs) in the European Union (EU). Mincu described the acquisition as a stepping stone for his organization:
“This landmark decision by the Romanian Central Bank opens the door for EU citizens, and soon everyone everywhere, to significantly benefit from value flowing with near-instant settlement times, at lower costs. 100 times lower, with total transparency and increased reliability.”
In addition, the Elrond network has received authorization to provide payment solutions under the second payment services directive (PSD2).
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