Investment fund Skynet EGLD Capital raises €37.13M to support the development of Elrond ecosystem

Skynet EGLD Capital, an investment fund focused on growing the Elrond network, announced that it has raised more than $40M (approximately €37.13M) in funding to further accelerate the development of the Elrond ecosystem. 

According to the company, significant amounts of capital have already been deployed in different baskets consisting of investments into flagship Elrond projects such as Itheum, delegations towards validated Elrond Network staking providers and balanced positions in Maiar Exchange products.

Skynet EGLD Capital says that the raised capital will solely be used for accelerating the development of the Elrond ecosystem by providing support for startups in the form of capital, advisory and facilitation of access to new markets and ‘high-value’ collaborations.

What is Elrond?

Elrond is a new blockchain architecture, designed from scratch, to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations – a novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm – enabling linear scalability with a fast, efficient, and secure consensus mechanism.

Thus, Elrond can process upwards of 10,000 transactions per second (TPS) with 5-second latency and negligible cost, thereby attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

Investors in this round

The investment came from the Elrond Foundation, Morningstar Ventures, Spark Digital Capital, Woodstock, and Verko, among others. In addition to its backers, the fund has the additional support of Binance Institutional, MEXC, Huobi Global, Kucoin, and Bitmart, who jointly seek to encourage the development of the Elrond ecosystem.

Beniamin Mincu, co-founder and CEO of Elrond Network, says, “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. 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.”

Investment Fund focused on growing the Elrond ecosystem

Skynet EGLD Capital is the brainchild of the founders of Skynet Trading, an algorithmic trading software and consulting firm that grew its portfolio to $100+M daily turnover in under 3 years. The team from Skynet Trading will share its expertise and knowledge, and the required resources to boost Elrond’s growth.

Skynet EGLD Capital accepts new subscriptions in EGLD on a quarterly basis. Besides the native token of the Elrond Network (EGLD), the fund also accepts subscriptions in USD through its partner Signature Bank NY which allows institutional investors, family offices and HNWIs to invest in a diversified portfolio.