Flare Network project raises $11.3 million in funding round led by Kenetic Capital

The Flare Network smart-contract platform raised $11.3 million in a funding round led by Hong Kong-based blockchain company Kenetic Capital.

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We are extremely grateful for the support from @KeneticCapital @DCGco @collectionist @coinfund_io #Cardano‘s cFund @LD_Capital @VinnyLingham @d0h0k1 @SatoshiLite @borderless_cap @BackendCapital #newformcapital @Ripple @MEXC_Global @DeFiCapital_ https://t.co/c4GDO5FYOK

— Flare ☀️ (@FlareNetworks) June 8, 2021

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The round also included Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital, Backend Capital, Litecoin creator Charlie Lee, and Terra co-founder Do Kwon.

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Flare Network solutions bring smart contract functionality to crypto assets Dogecoin, XRP, Litecoin and Stellar, enabling these coins to be used in DeFi protocols, the NFT space and other use cases.

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To this end, Flare Network issues tokenized (wrapped) versions of cryptocurrencies. In the course of the process, the original coins are locked, and a corresponding amount of tokens is generated. After the completion of smart-contract operations, the tokens are burned, and the original crypto assets are unlocked.

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The platform uses a native governance token Spark (FLR). It enables the community to vote on a new network to be integrated with Flare Network.

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In May, the cryptocurrency company Circle raised $440 million from FTX, Digital Currency Group, Fidelity Management and other venture firms.

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