BlockSwap Network, a platform that addresses fixed income products based on decentralized financial protocols (DeFis), has shared the results of its latest funding round and indicated the next milestones on its roadmap.
$2.5 million raised to advance stable "yield farming"
According to a press release shared with U.Today, BlockSwap Network team has completed its closed private funding round. Within this round, it raised $2.5 million from seasoned crypto-focused venture capitalists like ZeePrime Capital and Algorand EU Accelerator.
Raised funds will allow the project to develop and expand its offering in the sphere of "stable yield farming" instruments. Namely, it plans to upgrade its suite of proof of stake (PoS) assets available for "yield farming."
VCs that took part in this round are excited about the traction gained by BlockSwap Network in the last few months. ZeePrime Capital partner Jakub Gregus stressed that BlockSwap Network's team attempts to mitigate the risks involved in the DeFi segment:
The DeFi industry is the last resort of positive yields for all who wants to save needs properly structured products taking into account biggest opportunities but also risks. We are happy to support the BlockSwap team, one of the few teams who understand the deep nuances of tokenized cash flows.
Besides risk mitigation, BlockSwap Network also eases staking processes, which is of paramount importance for crypto newbies excited by the ongoing DeFi euphoria.
Incentivized testnet with rewards is in the cards
The team at BlockSwap Network announced its closest development progress plans. Namely, the launch of incentivized sandbox testing is around the corner.
In its incentivized testnet, named CommunityNet, the team will distribute 250 million tokens between active participants. Thus, BlockSwap Network enthusiasts are approaching its mainnet launch.
Also, the successful funding round with solid supporters will attract attention from the broader audience of crypto holders, BlockSwap Network's team assures.