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. Financial backers were leading industry companies, including Binance Institutional, Huobi Global, Morningstar Ventures, Spark Digital Capital, and more.
Top Companies Flocking to Invest in Elrond Network
A document shared with 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.
The investment was led by top venture capital firms such as Spark Digital Capital, Woodstock, Morningstar Ventures, and Verko. Leading cryptocurrency companies like Binance Institutional, KuCoin, Huobi Group, and Bitmart also joined the funding round.
The $40+ million funds were raised in less than 14 days. Some of the proceeds have already been deployed in different Elrond projects such as Itheum and Maiar Exchange products.
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.
By doing so, Elrond Network intends to issue stablecoins, crypto-enabled 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 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.”
In addition, the Elrond Network received approval to provide payment solutions under the second Payment Services Directive (PSD2).