Skynet Trading Launched New Fund To Support Elrond’s DeFi Push

Skynet trading launched a new fund that will support Elrond’s DEFI push after a few splashy acquisitions which saw Elrond looking to attract even more projects so let’s read more today in our latest blockchain news.

Elrond is a layer1 blockchain focused on scalability and moved deeper into the world of decentralized finance over the past few months via a strategic acquisition. Now, Skynet EGLD Capital as an investment branch of software and consultancy firm SkyNet trading, committed $40 million to back the projects in the Elrodn ecosystem. The Elrond co-founder and CEO Beniamin Mincu said:

“The Elrond blockchain architecture has been designed from scratch to evolve beyond the current scaling limitations of, say, Bitcoin or Ethereum. A fully licensed fund like Skynet can attract institutional capital and provide a new growth path for the Elrond Network.”

The Elrond Foundation, Spark digital Capital, Morningstar Ventures, Woodstock, Verko, and others are also in the fund. Web3 payments are a huge role in the investment area for Elrond following the network’s acquisition of crypto payment companies Twistpay and Utrust. The latter provided Elrond with regulatory approval to issue the electronic money in Romania. Mincu explained:

“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.”

The Skynet fund already started deploying funds including the undisclosed investment in Itheum which launched a data brokerage platform on Elrond.

As recently reported, Romania’s Central bank gave a green light for the acquisition by Elrond to Twispay and authorized the blockchain company to acquire the payment processing platform. Elrond is a blockcahin company focused on distributed applications that got the approval to purchase the e-money institution Capital Financial Services which acts under the Twispay brand as per the announcement on Thursday. Twisppay provides an international payment solution and supports multiple fiat currencies while also integrating various payment methods. The company is a member of Visa and Mastercard which means it will directly participate in issuing cards and can acquire merchants. The company Is licensed to provide services and to issue e-money in accordance with the authorization from Romania’s central bank so it can also operate in the European Union.