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Flare Raises $11.3M To Bring Smart Contracts to All Chains

Flare Raises $11.3M To Bring Smart Contracts to All Chains
  • Flare has just finished raising funds in its latest funding round, amounting to $11.3M
  • The platform gives added utility for tokens whose chains do not have smart contracts.
  • Many more users will finally be able to activate their assets across DeFi and NFTs.

Smart contracts platform Flare finished its latest funding round raising a total of $11.3 million. The world’s first Turing-complete Federated Byzantine Agreement (FBA) network has successfully attracted important investors.

The round was led by Kenetic Capital and received investments from major firms including Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital, and Backend Capital. Other than this, private investors such as Vinny Lingham, Do Kwan, and Litecoin founder Charlie Lee, as well as Newform Capital, Genesis Capital, ZB Group, MXC, and DeFi Capital also added funds.

The platform gives additional utility for tokens through its smart contracts and uses its own native token as collateral for trustless issuance of assets. This is in the case of payment chains that do not have smart contracts.

Taking note of the funds raised, Flare CEO Hugo Philion said,

“The investment announced today demonstrates a belief in Flare’s potential to unleash the value and unlock the community in chains that do not have native smart contracts.”

He added that the company is grateful for all investors’ support in helping bring the Flare Network to fruition. As explained by him, Flare’s goal is to bring additional utility to all chains and ecosystems that are integrated with it.

The investment brings into the Flare ecosystem key participants in the investment community, together with major exchanges, market makers, blockchain founders, and entrepreneurs that have an interest in driving meaningful developments and participation on Flare.

In addition to this, Jehan Chu, Managing Partner of Kenetic also commented saying,

“Flare’s unique protocol will unleash a tidal wave of value and engagement across some of the world’s largest crypto market caps and active communities. By providing smart contract functionality to payment tokens like Doge, XRP, LTC and others, users will finally be able to activate their assets across DeFi, NFT’s, and a universe of utility. We are excited to be on this journey and supporting Flare as they supercharge the crypto ecosystem,”

she remarked. At this stage, Flare plans to focus on XRP, XLM, Litecoin, and Dogecoin.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.