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Evrynet has closed a $7 million funding round.
Evrynet Plans to Bring DeFi to Institutional Investors
Evrynet is proud to announce a successful round of funding to the tune of $7 million. The round was comprised of numerous high-profile investors and backers. With the funds, Evrynet can bring decentralized finance to an institutional-grade audience.
Evrynet, the team behind the Evry.Finance dApp, aims to bring institutional investor-friendly features to participate in decentralized finance. Additionally, the team caters to the needs of individual investors through a simple user interface and a growing selection of yield products. Bridging decentralized and real-world assets will create new liquidity sources and opportunities for all dApp users.
As an intelligent financial service platform, the Evrynet infrastructure is powerful for developers and businesses. Through this infrastructure, anyone can build centralized decentralized finance (CeDeFi) applications that benefit from interoperability with other blockchains. Established in 2018, the Evry Network will provide open-source services to anyone, promoting financial inclusion through a level playing field.
By completing a successful funding round valued at $7 million, Evrynet takes an essential step in that direction. The private round is led by Signum Capital and participated by Petrock Capital and Ellipti Ventures and others. Also, notable early backers participation from HashKey Capital, Everest Ventures, Hanhwa Investments and Securities, Seven Bank, UOB Venture Management, Uni-President Asset Holdings, Hopeshine Ventures, and Du Capital. Korapat Arunanondchai, Project Lead at Evrynet, said of the team’s plans to leverage smart contracts:
“Since our inception in 2018, the Evrynet team has had a long development journey. Building technology to boost financial inclusivity allows us to focus on South-East Asia mainly. With the help of blockchain technology and smart contracts, we can provide fast, cheap, and secure methods for global money transfers, without the need for unnecessary intermediaries.”
As Evrynet is interoperable with significant blockchains—including ERC-20 and BEP-20 tokens—there is a lot of potential ahead. Moreover, the Evrynet ecosystem uses the Tendermint consensus protocol through Proof-of-Stake to offer the best balance between speed and security. The transaction fee on the network—expressed in gas—is static but can be adjusted through networking voting if necessary.
John Ng Pangilinan from Signum Capital said that Evrynet is an ambitious project that is trying to address a large opportunity in the market: that of bridging institutional investors and real-world assets to DeFi. The team is experienced and with relevant backgrounds backed up by large institutions and an exceptional pool of advisors which suggests that Evrynet will be able to execute its vision.
Evry.Finance is the first dApp developed by Evrynet. It aims to provide institutional inventors-friendly features to allow them to participate in DeFi. Individual investors will also be able to enjoy the simple user interface where we aim to bring a more diverse yield product through bridging real-world assets and DeFi.
For more information, contact Michael English at [email protected]
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