Skynet EGLD Capital Collects $40M to Facilitate Growth of Elrond

Skynet EGLD Capital, the first licensed fund to embrace in-kind subscriptions in EGLD, disclosed that it has amassed over $40M for backing the development of the Elrond ecosystem. In detail, EGLD is the native currency of the Elrond Network blockchain.

To dig into it deeper, Skynet EGLD Capital is deemed as the brainchild of the founders of Skynet Trading – an algorithmic trading software and consulting firm. Furthermore, they will take advantage of their skill and expertise in synergy with the tools and resources on-hand to facilitate the growth of the Elrond Network ecosystem.

Meanwhile, Skynet EGLD Capital Founding Partner Jordy Fiene explains:

We have personally been strong supporters of the Elrond team and the technology they are developing since the beginning. 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.”

In addition, having received funding from Morningstar Ventures, Elrond Foundation, Woodstock, Spark Digital Capital, Verko, and more, Skynet EGLD Capital will mainly be focusing on speeding up the development of the Elrond ecosystem.

What’s more, Binance Institutional, Huobi Global, MEXC, Bitmart, and Kucoin also showed their financial support, and altogether aim to see the development of the Elrond ecosystem.

That said, Benjamin Mincu, CEO and Co-Founder of Elrond Network, shared his thoughts on this matter:

Powerful verticals such as Web3 payments, DeFi 2.0, and the Metaverse are joined by strong support from our strategic backers and partners, to form a nexus of forces that will drive the next superwave of growth for the Elrond ecosystem.

Mincu then further added, “As a fully regulated fund with vast amounts of liquid capital and the capabilities to attract even more from the institutions racing to be part of the Web3 innovation wave, Skynet EGLD Capital will provide the shortest path to sustainable development and new markets for the most ambitious innovators building with Elrond blockchain technology.”