Skynet Trading Launches $40M Fund to Support Elrond Network’s DeFi Push

Elrond, a layer-1 blockchain focused on scalability has made strategic acquisitions to expand its reach into decentralized finance (DeFi).

Skynet EGLD Capital is now investing $40 million in projects in Elrond.

“The Elrond blockchain architecture has been designed from scratch to evolve beyond the current scaling limitations of, say, Bitcoin or Ethereum,” Elrond co-founder and CEO Beniamin Mincu told CoinDesk in an email, touting the network’s high transaction capacity.

“A fully licensed fund like Skynet can attract institutional capital and provide a new growth path for the Elrond Network,” he added.

This fund is also supported by Morningstar Ventures (Morningstar Ventures), Spark Digital Capital, Woodstock Ventures, Verko, Spark Digital Capital and Spark Digital Capital.

Elrond map

Web 3 payments are an important investment area for the Elrond ecosystem following the network’s acquisitions of crypto payments firms Utrust and Twispay, said Mincu. These transactions provided regulatory approval for Elrond to emit electronic money in Romania.

“Skynet has deep expertise in DeFi and algorithmic trading and will provide the knowledge and synergies to really build the backbone for Web 3 payments and the new metaverse economy,” he explained.

Skynet has begun deploying funds. This includes an undisclosed investment made in Itheum. Elrond is currently launching a data brokerage platform.

Get latest news from African Startup ecosystem

Latest stories

You might also like...