By Nathan Ferguson
The Elrond Network is in for a treat, as Skynet Trading has initiated a $40M funding program in order to support projects associated with the Elrond Network.
Considering its recent activity regarding multiple acquisitions, the Elrond Network is looking to become the next big player in Decentralized Finance (DeFi). This layer 1 blockchain heavily focuses on the concept of scalability and is working to introduce more projects that will boost Decentralized Finance. According to reports, Skynet EGLD Capital, which is a part of the software and advisory firm, Skynet Trading has decided to devote $40M to support projects on the Elrond Network though a funding program.
Current Fund Status
As of now, the fund initiated by Skynet has already started to distribute the funds to eligible projects, including a shadow investment into Itheum, which aims to introduce a data brokering space on the Elrond Network. Other firms such as, the Elrond Foundation, Spark Digital Capital, Morningstar Ventures and a few more are said to be the major contributors towards Skynet’s goal of empowering DeFi projects on the Elrond Network.
Huge Scalability Potential
Co-founder and CEO of Elrond, Beniamin Mincu shared his view on the network, praising its impressive transaction space, stating that the Elrond Blockchain’s overall architecture is designed from the ground up in order to reach even further beyond the boundaries of scalability, in comparison to the constraints that are present on currently popular networks such as, Bitcoin and Ethereum.
Mincu also said that the Elrond Network can experience massive growth levels, because the Skynet firm is a fully licensed fund, which can introduce more institutional investments.
Recent Acquisitions from Elrond
Talking about the acquisitions previously mentioned, according to Mincu, Web3 payment systems are a crucial area where the Elrond Network can take advantage, so it has recently acquired two cryptocurrency payment companies named as, Utrust and Twispay. This latest endeavor enabled the Elrond Network to gain regulatory approval in order to push electronic money in the region of Romania.
Skynet’s Importance
Mincu highlighted that Skynet has a lot of experience working with DeFi and other complex trading schemes, so it will come in useful in order to provide the key information and strategies regarding the construction of the main support system of Web3 Payments and the new economic structure of the Metaverse.