Elrond Network–focused development crypto fund raised more than $40 million

The ecosystem-focused crypto fund Skynet EGLD Capital of the Elrond Network raised more than $40 million. ForkLog learned from representatives of the fund.

According to the press release, Skynet EGLD Capital received ‘strategic support’ from Elrond Foundation, Morningstar Ventures, Spark Digital Capital, Woodstock, Verko and others. The capital was also allocated by Binance Institutional, MEXC, Huobi Global, Kucoin and Bitmart.

The fund provides financing for startups in the Elrond ecosystem, as well as advisory and other support. A ‘significant’ portion of the raised funds has already been invested in projects such as Itheum and Maiar Exchange.

The fund is open to quarterly subscriptions. In addition to the blockchain project’s native EGLD tokens, Skynet EGLD Capital also accepts USD contributions through its partner Signature Bank NY.

“We have personally supported the Elrond team and their developments from the very beginning. The project is developing rapidly, with new participants joining the ecosystem at unprecedented speeds. This is the ideal time to double our commitments and support Elrond,” said Jordi Fien, founding partner of Skynet EGLD Capital.

In March, the Elrond Network acquired the Romania-licensed payment services provider Twispay, which is authorized to issue electronic money.