Flare closes new $11.3 million funding round led by Kenetic Capital with participation from DCG and others

Flare, the world’s first Turing-complete Federated Byzantine Agreement (FBA) network, announced the closing of a new funding round with participation from several of the world’s top venture capital firms.

Flare closes new .3 million funding round led by Kenetic Capital with participation from DCG and others

Flare, the world’s first Turing-complete Federated Byzantine Agreement (FBA) network, announced on June 8, London time that it has closed a new round of funding with the participation of several top global venture capital firms.

Flare raised a total of $11.3 million in its latest round of funding led by Kenetic Capital with participation from leading institutions such as Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital and Backend Capital.

The round also involved a number of high-profile individual investors, such as Vinny Lingham, founder of Civic and partner at Multicoin Capital and Newtown Partners, Do Kwon, co-founder of Terra, and Charlie Lee, founder of Litecoin. In addition, Newform Capital, Genesis Capital, ZB Group, MXC and DeFi Capital also participated in the investment.

Hugo Philion, CEO of Flare, said, “The investments announced today demonstrate the belief that Flare has the potential to unlock more value for public chains without native smart contracts and to unlock this community.”

“Flare’s goal is to bring more value to all public chains and ecosystems with which it integrates. This investment brings key players in the investment space, major exchanges, market makers, and blockchain founders and entrepreneurs interested in driving meaningful growth and participation in Flare into the Flare ecosystem. We thank all of our investors for their support in helping to make Flare Network what it is today.”

Jehan Chu, Managing Partner of Kenetic Capital, said, “Flare’s unique protocol will unlock more value from some of the world’s largest cryptocurrency markets and active communities, setting off a wave of engagement. By providing smart contract capabilities for payment-based tokens like Doge, XRP, LTC, and others, users will eventually be able to activate their assets in DeFi, NFT, and a host of utility features. We are excited to embark on this journey and support Flare as they accelerate the strengthening of the crypto ecosystem”

Flare provides additional utility functionality for tokens through its smart contracts, and native FLR tokens can be used as collateral for trust-free issuance of assets on payment-based public chains without smart contracts. Initially, Flare will focus on XRP, XLM, Litecoin and Dogecoin.

Multiple DeFi, NFT, regulated privacy, multiverse and gaming projects have been announced for release on Flare, and its prophecy machine system currently has at least 16 data providers.

A portion of Flare’s token, Spark (FLR), is distributed to XRP holders who hold XRP on December 12, 2020. Over 100 exchanges worldwide are participating in the distribution of Flare tokens, most of which have also agreed to shelf the tokens. Further token distributions will be made through daily allocations to participants who hold trust-free issuance assets on Flare that originate from the integrated public chain.

“We are pleased to support Flare and its commitment to bring EVM functionality to blockchains that do not have it. We will submit a governance proposal to integrate the Algorand network and its native assets with Flare at the earliest opportunity. The operability through all other non-smart contract blockchains such as LTC, DOGE, XLM or XRP would be an incredible opportunity to unlock value. We look forward to working with the Flare team and all of Borderless Capital’s portfolio companies,” said David Garcia, CEO and Managing Partner of Borderless Capital (formerly known as Algo Capital).

About Flare

Flare is a scalable, highly decentralized smart contract platform that supports the operation of Ethernet virtual machines and is based on the consensus mechanism of the Federal Byzantine Protocol.

The platform’s native token, Spark (FLR), enables Flare to unlock the tremendous value created by tokens and their communities that currently do not have native smart contracts. The Flare release will integrate Doge, Litecoin, XRP and XLM. any other tokens can be integrated through a community governance vote.

Flare is unique in that it derives its network structure from the underlying integrated network and leverages the decentralization and security of the underlying network.

Flare’s development team consists of experts in electrical engineering, distributed systems, quantum computing, mathematics, computer science, quantitative finance and risk management from around the world.

Flare closes new .3 million funding round led by Kenetic Capital with participation from DCG and others

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