Flare Network and Lena Instruments launch new crowdfunding mechanism

Interoperability-focused blockchain Flare Network has partnered with software infrastructure firm Lena Instruments to implement a crowdfunding mechanism that lowers the risks associated with startup investing. 

Lena Instruments announced what it called a “CloudFunding” launchpad that lets Flare investors allocate a percentage of the rewards that they earned into investments to new crypto startups without moving their initial investments.

Apart from providing a low-risk investing solution for its contributors, the platform also aims to help projects that have launched on the platform have regular cash flows during the reward distribution periods.

Hugo Philion, the CEO of Flare Network, believes that the new mechanism is a good way for developers to get early access to community funding. He explained that this creates a “win-win situation” for all parties involved. He said:

“New projects get early access to community funding and support, and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.” 

In July, decentralized exchange (DEX) Pangolin made its debut on the Flare blockchain, creating new cross-chain token pairs and boosting the liquidity of the network. The DEX allows Flare-based decentralized applications (DApps) to add a direct token swaps feature to their projects.

Related: Why interoperability is the key to blockchain technology’s mass adoption

Meanwhile, Web3 is recognized as a great way to solve the budget woes of content creators due to its inherent functions. In a previous interview with Cointelegraph, Mehmet Eryılmaz, the CEO of Faro Company said that Web3 frees content creators from traditional gatekeeping and is a great alternative for crowdfunding entertainment projects.

Laura Moreby, an executive at Lena Instruments, said that their firm which is a major Flare holder will continue to offer its support to the project. “CloudFunding is a modern, decentralized launchpad that will allow the community to support the best possible projects within the ecosystem, having been carefully curated by the platform,” Moreby said. 

All Dutch and English crypto news!

329 Japanese companies support Astar Network’s Nikkei ad

Astar Network's latest ad has gained support from over 300 Japanese companies as it looks to spearhead the growth of Japan's web3 ecosystem.   Astar Network, a...

What Cardano’s Vasil hard fork means for the blockchain

After several delays and some setbacks, Cardano's long-awaited Vasil upgrade finally went live on Sept. 22. From the outside looking in, the hard fork is...

Cardano bulls run out of steam after Vasil hard fork — 40% ADA price crash in play

Cardano's (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has...

Terra (LUNA) oprichter Do Kwon wordt gezocht in 195 landen

Het wordt steeds moeilijker voor Do Kwon om zich schuil te houden. De oprichter van Terra (LUNA) wordt nu niet alleen in Zuid Korea, maar...

Beste exchanges

Koop je crypto bij Bitvavo