Entangle Strategic Funding Round Completed, Consensys Led Fundraising
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With fresh funding, Entangle will launch the mainnet and introduce novel infrastructure solutions for Web3. Entangle's flagship product, Liquid Vaults, will be integrated into key protocols on Linea, a new-gen Ethereum L2.
Entangle completes strategic funding round led by Consensys
According to an official announcement from its team, Entangle, a solution for omnichain interaction and an infrastructure platform for Web3, has completed its strategic funding round. Consensys, an Ethereum development studio, led the fundraising for Entangle.
The funding provided by the blockchain incubator brings the total funding received by Entangle to $4 million.
In January, Entangle revealed that it had closed a private round that attracted leading VCs such as Big Brain Holdings, Launch Code Capital, Seier Capital and Skynet Capital. The follow-on investment from Consensys will support Entangle's goal of building out its interoperable omnichain messaging and liquidity infrastructure.
Consensys' investment in Entangle forms part of its Linea Ecosystem Alliance, an incubation program that has received the backing of a clutch of high-reputable VCs, including the likes of Amber, Animoca Brands, BlockTower, Electric Capital, ParaFi and Lemniscap.
As of printing time, Entangle's testnet number of users exceeded 250,000; over 1.5 million transactions have been processed through its network.
Entangle's NGL token made it to CEXes on March 13
Entangle will launch its mainnet in April 2024, its road map says.
Following the launch of the Entangle mainnet, high-frequency data feeds will serve dApps operating across DeFi, DePIN, GameFi and RWAs. Web2 and Web2 data can be served on any blockchain, while smart contracts can communicate between networks.
Entangle will also support Liquid Vaults, improving capital efficiency and enabling novel DeFi strategies through the creation of composable derivatives tokens. After auto-staking LP tokens, users receive a 1:1 backed CDT, reflecting the staked value of the underlying LP.
On March 13, Entangle's NGL token kicked off on Bybit, KuCoin, Gate and MEXC cryptocurrency exchanges.
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