London-based BlockSwap network receives £1.8M to provide fixed income products to DeFi
According to various research, at present total value locked (TVL) in decentralised finances crosses the $19B (£13.6B) mark and is skyrocketing. Meanwhile, London-based DeFi platform, BlockSwap network closed a $2.5M (around £1.8M) private placement investment round.
The investment was led by NGC, Wave Financial, Algorand EU accelerator, ZeePrime capital, DFG, 4th Revolution, CDI, Cabin VC, and others.
Sustainable DeFi yield solutions
The funds will allow the BlockSwap network to expand and improve its sustainable yield offering via proof-of-stake benefits. This solution attracts attention from the broader cryptocurrency community, as finding stable DeFi yield farms is nigh impossible. BlockSwap Network will also launch an incentivised CommunityNet to distribute 250 million tokens ahead of the BSN main net launch.
Insulation from crypto volatility and traditional stocking process
The recent development will allow the BlockSwap network to incentivise more existing staking operators and holders of PoS tokens to explore these stable DeFi yield farming opportunities.
As an immutable protocol bringing fixed income products to DeFi on PoS assets, BlockSwap Network insulates users from dealing with crypto asset volatility and the complexities associated with traditional staking processes. The team’s mission is to use staking to redistribute wealth and nurture a foundational user base.
ZeePrime Capital Partner Jakub Gregus adds:
“The DeFi industry is the last resort of positive yields for all who want to save needs properly structured products taking into account biggest opportunities but also risks. We are happy to support the BlockSwap team, one of the few teams who understand the deep nuances of tokenized cash flows.”
NGC Founding Partner Roger Lim comments:
“Blockswap’s vision of enabling anyone with a smartphone to a high yield savings account will help empower the unbanked and make society more inclusive. We are so happy to be part of this journey with Blockswap.”
Digital Finance Group (DFG) Founder and CEO James Wo explains:
“At DFG we are convinced that DeFi will be a major driving force for the whole digital assets space. BlockSwap is an important reference of this promising sector, with its innovative services as a PoS asset manager due to its decentralized operations and inclusive entry requirements for all types of investors, making it possible to offer services to a larger market than any traditional bank has been able to enter to this date.”