Evrynet Raises $7 Million, Aims to Bring DeFi to Institutional Investors
Evrynet, the team behind the Evry.Finance dApp today announced it had successfully raised $7 million in its latest funding round.
Evrynet Raises $7 Million
In a statement issued today, Evrynet announced it had successfully concluded its latest funding round where it was able to raise funds to the tune of $7 million.
Notably, Evrynet’s latest funding round witnessed participation from a number of high-profile investors and backers. The project will use the funds to bring decentralized finance (DeFi) to an institutional-grade audience.
In addition to bringing DeFi to institutional investors, the Evrynet team is also committed to catering to the needs of individual investors via a simple and intuitive user interface, and an increasing number of yield products.
Further, bridging decentralized and real-world assets will lead to the creation of new liquidity sources and opportunities for all dApp users.
The Evrynet infrastructure is powerful for both the developers and businesses in that anyone can build centralized decentralized finance (CeDeFi) applications that leverage interoperability with other blockchain networks.
For the uninitiated, the Evry Network was launched in 2018 and is committed to providing open-source services to anyone to foster financial inclusion via a level playing field.
About the Funding Round
Evrynet’s latest funding round is a step toward its vision of achieving financial inclusion for the masses.
The private round was led by Signum Capital and witnessed participation from Petrock Capital, Elipti Ventures, and others. Further, the round witnessed participation from HashKey Capital, Everest Ventures, Hanhwa Investments and Securities, Seven Bank, UOB Venture Management, Uni-President Asset Holdings, Hopeshine Ventures and Du Capital.
Commenting, Korapat Arunanodchai, Project Lead at Evrynet, said:
“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.”
Evrynet’s compatibility with other significant blockchains – including ERC-20 and BEP-20 tokens makes it a protocol with considerable potential.
Moreover, the Evrynet ecosystem uses the Tendermint consensus protocol via proof-of-stake to offer the best balance between speed and security. It is worthy of note that transaction gas on the network (gas) is static but can be adjusted via networking voting if required.
Concluding, Signum Capital’s John Ng Pangilinan said that Evrynet is an ambitious project which is trying to fill the gap to cater to a large opportunity in the market – that of bridging the distance between institutional investors and real-world assets to DeFi.
With a team full of experienced members and relevant backgrounds, an exception pool of advisors, and being backed by influential institutions, Evrynet is on its path to execute its vision, Pangilinan noted.