Genesis Shards raised $2.7 million in a funding round to create pre-IDO market and tokens as well as to pioneer the Defi NFT space by reimagining NFTs as DeFi options so let’s find out more in our latest crypto news.
The DeFi ecosystem took plenty of leaps over the past few years but it still faces an acute bottleneck problem with the pre-IPO space due to low token liquidity and lack of tradeable markets. Genesis Shards was created to bring a new paradigm where other network participants will be able to gain access and trade pre-IDO tokens. This can be done by NFT-ing the OTC market or transforming NFTs into a liquidity vehicle for pre-IDO tokens. Genesis has the vision to attract users from every corner of the DeFi space and that’s why it led a funding round that ended up raising $2.7 million.
The Industry heavyweights like Block Dream Fund by OKEx, 3Commas, LD Capital, Momentum, Solidity Ventures, BitBloc, Chain Capital, Moonrock Capital, Blackedge, PNYX Ventures, Master Ventures, PetRock Capital, and other angel investors like Santiago Roel Santos, Sandeep Nailwal, and many more, supported the funding rounds. The co-founders of Genesis Shards Nilotpal Mukherjee and Garlam Won said:
“We are inspired to see our vision of NFT-ing the pre-IDO OTC market resonating with some of the most seasoned investors and industry participants. These early investors and supporters were selected on the basis of the value that they will bring to us and to our long-term success. The successful close of our fundraising rounds is a key milestone for us in our journey. Our vision is to build a whole new marketplace for pre-IDO liquidity on NFTs, unlocking a new frontier in DeFi.”
The DEfi space faces huge problems when it comes to pre-IDO trading but initial DEX offerings gained more acceptance as the go-to choice for token distribution and there are also a few avenues for pre-IDO trading. On the other hand, however, projects have quite a limited community participation with little sense of price discovery in the early stages.
Genesis Shards wants to solve this problem by creating a new marketplace for pre-IDO tokens on NFTs and by wrapping time-locked fungible tokens on NFTs the team will create a new market for the illiquid tokens as well.
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