Skynet EGLD Capital is the first licensed fund to accept in-kind subscriptions in Elrond Network blockchain’s native currency EGLD. The firm announced today that it has raised more than USD 40 Million for supporting the development of the Elrond ecosystem.
Skynet EGLD Capital is the brainchild of the founders of Skynet Trading, an algorithmic trading software and consulting firm that grew its portfolio to 100+ Million USD daily turnover in under 3 years. They will leverage their knowledge and expertise in synergy with the resources and tools at their disposal to accelerate the growth of the Elrond Network ecosystem.
“We have personally been strong supporters of the Elrond team and the technology they are developing since the beginning. The network is rapidly maturing and new waves of builders are joining the ecosystem at an unprecedented pace. This is the perfect time to double-down on our commitment and support Elrond’s journey.” said Jordy Fiene, Founding Partner at Skynet EGLD Capital.
With strategic backing from the Elrond Foundation, Morningstar Ventures, Spark Digital Capital, Woodstock, Verko and others, Skynet EGLD Capital will be solely focused on accelerating the development of the Elrond ecosystem by providing support for startups in the form of capital, advisory and facilitation of access to new markets and high value collaborations.
In addition to its backers, the fund has the additional support of Binance Institutional, MEXC, Huobi Global, Kucoin and Bitmart, who jointly seek to encourage the development of the Elrond ecosystem.
“Powerful verticals such as Web3 payments, DeFi 2.0 and the Metaverse are joined by strong support from our strategic backers and partners, to form a nexus of forces that will drive the next superwave of growth for the Elrond ecosystem.
As a fully regulated fund with vast amounts of liquid capital and the capabilities to attract even more from the institutions racing to be part of the Web3 innovation wave, Skynet EGLD Capital will provide the shortest path to sustainable development and new markets for the most ambitious innovators building with Elrond blockchain technology.” said Beniamin Mincu, Elrond Network Co-Founder and CEO.
Skynet EGLD Capital accepts new subscriptions in EGLD on a quarterly basis. Besides the native token of the Elrond Network (EGLD), the fund also accepts subscriptions in USD through their partner Signature Bank NY which allows institutional investors, family offices and HNWI's to invest in a diversified portfolio.
The entirety of the USD 40+ Million was raised in less than 2 weeks. Significant amounts of capital have already been deployed in different baskets consisting of investments into flagship Elrond projects such as Itheum, delegations towards validated Elrond Network staking providers and balanced positions in Maiar Exchange products.
The firm is available for inquiry from interested institutional investors or startups seeking funding at email@example.com.
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Skynet EGLD Capital
Investment fund exclusively dedicated to the development of the Elrond Network ecosystem. Skynet EGLD Capital Fund Ltd. is registered in the British Virgin Islands (No. 2086946) and has a status as an approved fund (No. SIBR/IFAF/22/0419). SAVA Investment Management Ltd is licensed as an approved manager (No. IBR/AIM/19/0314).