Main navigation

Flare (FLR) Project, Which Integrates XRP, DOGE, XLM, Raises $11.3 Million from Top-Notch VCs

News
Tue, 06/08/2021 - 13:30
article image
Vladislav Sopov
Flare (FLR), a much-anticipated Turing-complete Federated Byzantine Agreement (FBA) blockchain, concludes its strategic funding round
Flare (FLR) Project, Which Integrates XRP, DOGE, XLM, Raises $11.3 Million from Top-Notch VCs
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Introduced in Q3, 2020, Flare (FLR) is promoted as a pioneering Turing-complete FBA blockchain environment. Besides being a high-performance ecosystem for decentralized applications, it empowers many first-gen platforms with smart contracts functionality.

Flare (FLR) team reports $11.3 million raise

According to a press release shared with U.Today by Flare Networks, the Flare blockchain's strategic funding round has closed successfully.

Flare Networks team raises $11.3M
Image by Flare Networks

The platform managed to raise more than $11,000,000 from blockchain-focused venture capital veterans. Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital and Backend Capital took part in this round.

Also, the round was supported by a number of top-league private investors, e.g., Vinny Lingham, Do Kwan and legendary founder of Litecoin (LTC) Charlie Lee.

Flare CEO Hugo Philion is sure that the jaw-dropping success of this funding round is a sign of the high visibility of this project and industry-scale recognition of its concept:

The investment announced today demonstrates a belief in Flare's potential to unleash the value and unlock the community in chains that do not have native smart contracts.

Bringing utility to non-programmatic blockchains

One of the most ambitious ideas of Flare's design is its focus on empowering "old-time" blockchains with smart contracts functionality. By press time, the platform integrated XRP, Dogecoin (DOGE), Stellar Lumens (XLM) and Litecoin (LTC).

Flare is approaching its airdrop, the largest distribution of tokens in blockchain history so far. In the coming weeks, Spark (FLR) assets will be distributed between the holders of XRP who claimed FLR prior to the snapshot on Dec. 12, 2020.

David Garcia, CEO and managing partner of Borderless Capital, underlined the revolutionary nature of this idea as well as its impressive prospects:

There is an incredible unlocked value opportunity through the interoperability of all the other non-smart contract blockchain like LTC, DOGE, XLM or XRP.

article image
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.)