BlockSwap Network, an automated stake liquidity protocol, has recently announced a private investment round totalling $2.5 million. The private placement investment round included NGCm, Wave Financial, and Blocksync Ventures. The funding will be used to allow the network to continue to continue the development of BlockSwap’s fixed income products.
The BlockSwap protocol aims to bring fixed income products to DeFi through its sustainable yield farming and Proof of Stake assets. Up until now finding stable DeFi yield farms has been notoriously difficult and largely inaccessible to the everyday user, which is why BlockSwap has come up with a protocol that insulates users from crypto asset volatility and eliminates the need to engage with complex staking processes.
BlockSwap recently announced that they would soon be releasing their ETH2 CommunityNet, launching a 5 month long incentivized CommunityNet that would distribute 250,000,000 tokens, which will be redeemable 1:1 on the mainnet. As part of the launch of a Community Mining incentive scheme, users will be able to use the BSN CommunityNet token to access their demo products and receive rewards for participation.
The redistribution of wealth in a fair and open manner is the main mission that BlockSwap is trying to achieve through their solutions. By providing alternative savings systems, the company hopes to provide a financial fallback for everyday users.
CEO and Founder of Dynamic Fintech Group (DFG), James Wo commented on the role of BlockSwap in the DeFi sector:
"At DFG we are convinced that DeFi will be a major driving force for the whole digital assets space. BlockSwap is an important reference of this promising sector, with its innovative services as a PoS asset manager due to its decentralized operations and inclusive entry requirements for all types of investors, making it possible to offer services to a larger market than any traditional bank has been able to enter to this date."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.