The investment fund focused on growing the Elrond network – “Skynet EGLD Capital” – raised more than $40 million to further accelerate the development of the ecosystem. Leading industry companies such as Binance Institutional and Huobi Global, Morningstar Ventures and Spark Digital Capital were financial backers.
Top Companies Invest in Elrond Network
A document shared CryptoPotato revealed that “Skynet EGLD Capital” secured over $40 million in a recent fundraiser, intending to employ the proceeds to boost the growth of the Elrond Network ecosystem.
Venture capitalists such as Spark Digital Capital (Woodstock Ventures), Morningstar Ventures, Verko, and Morningstar Ventures led the investment. A number of leading cryptocurrency companies, including Binance Institutional and KuCoin, Huobi Group and Bitmart, joined the financing round.
In less than 14 days, the funds totaling $40+ million were raised. Some proceeds were already used in Elrond projects like Itheum or Maiar Exchange.
Jordy Fiene – Founding Partner at “Skynet ELGD Capital” – said his entity had been a “strong supporter” of Elrond and its technology.
“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,” the executive added.
Beniamin Mincu – Elrond Network Co-Founder and CEO – opined that institutions are currently “racing” to become part of the Web3 ecosystem. He raised hopes that “Skynet EGLD Capital” will provide the “shortest path to sustainable development and new markets for the most ambitious innovators building with Elrond blockchain technology.”
Elrond’s Recent Expansion
Last month, the blockchain platform acquired the Romanian payments company – Twispay after receiving a green light from the National Bank of Romania.
Elrond Network plans to issue stablecoins and crypto-enabled debit card in the European Union (EU) by doing this. Mincu described the acquisition of Elrond Network as a steppingstone for his company:
“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.”
The Elrond Network was also approved to offer payment solutions under the second Payment Services Directive.