BENQI Closes $6M Round to Create Algorithmic Liquidity Market on Avalanche – Press release Bitcoin News

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– Press release

PRESS RELEASE. BENQI, the cash marketplace of the Avalanche Network, has closed a private funding round. A total of $6 million was raised in this round led by Ascensive Assets.

Some of the leading investors in blockchain and the emerging Avalanche ecosystem were also in attendance. These include Mechanism Capital, Dragonfly Capital, Arrington HRP Capital and Spartan Group. Other sponsors included Morningstar Ventures, Vendetta Capital, TRGC, Genesis Block, Woodstock and Rarestone, as well as Ava Labs and leading liquidity provider Skynet Trading.

Built on Avalanche’s highly scalable network, BENQI combines elements of Defi and Tradfi to create a liquidity protocol that can leverage unused assets. By integrating these assets into the BENQI protocol, Avalanche users can earn interest on their assets and obtain credit through higher collateral loans.

The decision to build Avalanche was influenced by its high level of decentralization, scalability and low cost, especially when compared to Ethereum. BENQI is intended to eventually become a cross-chain defi hub connecting Ethereum, Polkadot and the Binance smart chain via the Avalanche subnets.

Assets locked in the BENQI protocol can be used to generate revenue markups or to issue assets that are borrowed and locked in other definition protocols to generate additional revenue.

BENQI’s native protocol management will be controlled by IQ token holders, who will be able to determine key issues related to risk policy, financial management and platform updates. 50% of all IQ tokens will be issued through liquidity mining, allowing participants to receive rewards commensurate with their efforts.

The launch of the BENQI network is planned for the 2nd quarter of 2010. The launch of the IQ Token is scheduled for the second quarter of 2021 and will be accompanied by the public sale of the IQ Token on the Pangolin Exchange.

ABOUT BENQI

BENQI, developed by an experienced team of blockchain designers, is the protocol for unlocking more liquidity in the defibrillator market. With BENQI, Defi users can make their assets work harder to generate additional returns. Built on Avalanche’s high-speed smart contract network, BENQI becomes a cross-chain defibrillator at the heart of decentralized finance.

Read more:

https://t.me/BenqiFinance

https://medium.com/@benqifinance

[email protected]

https://benqi.fi/

This is a press release. Readers should do their own due diligence before taking any action regarding the advertised company or any of its subsidiaries or services. Bitcoin.com shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services mentioned in the press release.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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