Skynet EGLD Capitalan investment fund focused on the growth of the Elrond network, announced that it has raised more than $40 million (about 37.13 million euros) in funding to further accelerate the development of the Elrond ecosystem.
According to the company, significant capital has already been deployed in different baskets consisting of investments in flagship Elrond projects such as Itheum, delegations to validated staking providers in the Elrond network and balanced positions in Maiar Exchange products. .
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Skynet EGLD Capital indicates that the capital raised will only be used to accelerate the development of the Elrond ecosystem by providing support to startups in the form of capital, advice and facilitation of access to new markets and collaborations at “high value “.
What is Elrond?
Elrond is a new blockchain architecture, designed from the ground up, to deliver a cumulative 1,000x improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations – a new Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm – enabling linear scalability with a fast, efficient and secure consensus mechanism.
Thus, Elrond can process over 10,000 transactions per second (TPS) with 5-second latency and negligible cost, attempting to become the backbone of a permissionless, borderless and globally accessible internet economy. .
Investors in this round
Investment came from the Elrond Foundation, Morningstar Ventures, Spark Digital Capital, Woodstock and Verko, among others. In addition to its backers, the fund has additional support from Binance Institutional, MEXC, Huobi Global, Kucoin, and Bitmart, who jointly seek to foster the development of the Elrond ecosystem.
Beniamin Mincu, co-founder and CEO of Elrond Network, says, “Strong verticals such as Web3 Payments, DeFi 2.0 and the Metaverse are joined by the strong support of our backers and strategic partners, to form a bond of forces that will drive the next super wave of growth for the Elrond ecosystem. As a fully regulated fund with vast amounts of liquid capital and the capabilities to attract even more institutions rushing to be part of the wave of Web3 innovation, Skynet EGLD Capital will provide the shortest path to sustainable development. and new markets for the most ambitious innovators. build with blockchain technology from Elrond.
Elrond Ecosystem Growth Investment Fund
Skynet EGLD Capital is the brainchild of the founders of Skynet Trading, an algorithmic trading software and advisory firm that has grown its portfolio to achieve daily turnover of over $100 million in less than 3 years. The Skynet Trading team will share their expertise and knowledge, as well as the resources needed to drive Elrond’s growth.
Jordy Fiene, Founding Partner of Skynet EGLD Capital, says: “We have personally been strong supporters of the Elrond team and the technology they are developing from the start. The network is maturing rapidly and new waves of builders are joining the ecosystem at an unprecedented rate. Now is the perfect time to redouble your efforts and support Elrond’s journey.
Skynet EGLD Capital accepts new subscriptions in EGLD on a quarterly basis. Besides the native token of the Elrond network (EGLD), the fund also accepts subscriptions in USD through its partner Signature Bank NY which allows institutional investors, family offices and HNWIs to invest in a diversified portfolio.
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