‘Open Finance’ Project Findora Launches $100M Ecosystem Fund
The fund will be used for research and to develop new applications and infrastructure.
Oct 27, 2021 at 4:59 p.m. UTCUpdated May 11, 2023 at 4:11 p.m. UTC
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Privacy blockchain project Findora is launching a $100 million ecosystem fund “to accelerate the growth and development” of its community, the company announced on Wednesday.
- Findora also announced that after more than three months of testing, staking and delegation would be possible on the Findora Mainnet Beta.
- Findora described the fund as “part of a broader community-led commitment to support Findora ecosystem research, development and infrastructure projects building upon Findora’s privacy-preserving technology.”
- Developers will be able to apply for grants through the initiative.
- By staking on the Findora Mainnet Beta, stakers will be able to earn an annualized reward rate of up to 250%, the company said.
- Last December, Findora closed an eight-figure funding round that included a number of notable investors, including Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Lee, the founding partner of Foxconn’s financial platform, FNConn.
- The amount of funding was not disclosed but the company told CoinDesk it was in “the tens of millions.”
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James Rubin was CoinDesk's U.S. news editor based on the West Coast.