- Waggle raises $3 million in funds.
- The funds will go towards building a multi-chain marketplace for token sales.
- Waggle aims to free the community from certain persisting issues.
Waggle Network — the cross-chain protocol that unlocks liquidity for post-IDO tokens announces a $3 million seed raising round. It will be led by many prominent investors. To name a few, AU21, Basics Capital, Bixin Ventures, Gate.io labs, GBV, Genesis Block Capital, HG Ventures, MEXC, NGC, Spark Digital, and SVC.
To add on, Waggle also named new strategic partners. These include Occam, Poolz.finance, and Solanium. In particular, they will help the project foster a multichain approach. Moreover, Waggle also mentions new media partners. To name them — Bigcoin Vietnam, Bitcoin Addict, CrryptoTimes, Minted Labs, and ODaily.
To highlight, each investor and partner allows Waggle to unlock its potential. In fact, Waggle can then tap into thousands of portfolio projects and deep industry expertise from top Web3 investors and builders.
The project’s team is very well-versed in DeFi. Usually, projects fail to find other options to raise funds after their IDO. Most projects will often raise funds via OTC deals with institutional partners. In some cases, this may put them in a situation where they are met with less-than-favorable sales terms. This tends to rise from the illiquidity prospect of such deals.
Waggle noticed these issues and wanted to help the community. Therefore, the project aims to bridge market inefficiencies while facilitating fundraising through the project’s own community. In addition, Waggle is not simply just unlocking liquidity for projects to further their innovation. Instead, it will also bring deals that were previously exclusive to institutional investors to its community.
A representative at VC fund AU21 says,
As the crypto market booms and technological innovation within the sector reaches new heights, we feel that it is patently important for locked and restricted tokens to be valued in public markets. The Waggle Network introduces much-needed liquidity to assets held by project teams while keeping a close eye on project quality for prospective investors.
Meanwhile, an agent from Genblock Capital emphasizes the challenge of unlocking value from vested tokens. Thus, Genblock is excited to support the Waggle team. Specifically, in building protocols and tools needed by project founders to access capital from their illiquid vested tokens. All in all, this will provide a new source of funding for early-stage projects while also widening access to exclusive private sales for the retail community.
The blockchain and DeFi world should definitely stay tuned to Waggle. The project will announce more details soon. This will include news about upcoming challenges, IDOs, airdrops, and liquidity mining programs built to provide a steady go-to-market launch for the company.