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Cryption Network, Polygon-Based DeFi Protocol, Completes Funding Round, Raises $1.1 Million

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Tue, 05/25/2021 - 12:16
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Vladislav Sopov
Cryption Network (CNT), a decentralized financial protocol tailored for retail use cases, completes strategic funding round
Cryption Network, Polygon-Based DeFi Protocol, Completes Funding Round, Raises $1.1 Million
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Cryption Network (CNT), a startup that is focused on building DeFi infrastructure on Polygon Network (previously Matic Network), shared the results of its strategic funding round.

$1.1 million raised by top VCs, including Master Ventures, CMS Holdings, GravityX Capital

According to a press release shared with U.Today, Cryption Network (CNT) successfully completed its latest funding round. A number of top-notch crypto-focused venture capitalists, including Master Ventures, CMS Holdings, GravityX Capital, Ascensive Assets, X21 Digital and AU21, contributed to this funding.

Cryption Network (CNT) raises $1.1Mln
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In addition, the round was supported by renowned blockchain teams and angel investors, i.e., Polygon Network (MATIC) co-founder Sandeep Nailwal and Fetch.ai (FET) CEO Humayun Sheikh.

The total amount of funds netted was $1,100,000. Cryption Network (CNT) CEO Tejas Chitnis treats this milestone as an indicator of the project's visibility and recognition in the DeFi space:

This round illustrates a high degree of confidence in our project from the crypto community and validates our vision for Cryption Network and DeFi moving forwards. We are humbled to have received such unprecedented demand from investors and support for the ecosystem.

Now the project is approaching a massive tokensale, an initial decentralized exchange offering (IDO) of its core native asset, CNT.

Retail ecosystem on Polygon Network (MATIC)

Cryption Network (CNT) is focused on building an infrastructure that allows all retail DeFi users to harness the functionality of Polygon (MATIC).

Its string of products includes Polygon-native decentralized exchange PolyDEX, "yield farming" module Elastic Farming and prediction markets framework Seer. Also, the project has launched NFT-oriented tools.

Cryption Network (CNT) released smartphone end user applications for iOS- and Android-based devices. Its design boasts interoperability between Ethereum (ETH) and Polygon (MATIC).

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)