Borderless capital leads $4.5M investment to drive DeFi on Algorand – Cointelegraph

Borderless capital leads $4.5M investment to drive DeFi on Algorand – Cointelegraph

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Bnext has announced a total investment of $10 million as the Spanish fintech giant prepares to complete its token sale.

Madrid, Spain, May 12, 2022 — Borderless Capital has increased its investment in Spanish fintech company Bnext to $10 million with a recent $4.5-million investment.

What this means for Bnext

The latest investment will help further Bnext’s goal to continue introducing bleeding-edge financial technologies in 2022 and beyond. Borderless Capital will provide financial support and offer invaluable expertise in the Algorand blockchain ecosystem to help Bnext accelerate the development of its numerous financial products and drive the adoption of decentralized finance technology on a global scale.

Algorand and Bnext

The Algorand blockchain offers several technological benefits, including faster transaction-speed efficiency, lower fees, no mining requirements and a permissionless pure proof-of-stake consensus mechanism, to name a few. Bnext has already leveraged Algorand to power its wallet app and is developing more use cases for the future.

Private IDO for the Algorand community 

To show support for the Algorand community, Bnext will be reappropriating 350 million Bnext Token (B3X) for a private IDO — initial decentralized exchange (DEX) offering — launching soon on a leading Algorand DEX. These tokens represent all that remains from the second phase of B3X’s initial token sale.

In addition to the IDO allocation, all Algorand community members that participate and hold tokens on the DEX will have priority access to new functionalities and other benefits. Information on the IDO will be released on Bnext’s social media channels in the coming weeks.

Bnext public token sale raises more than $5.2M

Bnext partially closed its public token sale on March 31, successfully raising more than 5 million euros ($5.2 million). The token sale spanned two seven-day phases in March; phase one saw participants buy 360 million B3X utility tokens in the first few hours, and another 15 million were purchased in phase two. The remaining B3X tokens from phase two, after the expected IDO, will be burnt to increase liquidity.

The token sale has collectively raised 11 million euros ($11.43 million), with Bnext reserving the last remaining tokens for a private IDO for the Algorand community.

B3X Token utility

Bnext Token is a utility token underpinning the entire Bnext ecosystem. The platform’s mission is to bring financial freedom to a global community of banked and unbanked members through expanded access to a growing array of next-generation financial tools and remain committed to constantly improving the user experience.

The continued support from Borderless Capital will help Bnext strengthen its growing community and bring more value to users with international expansion. Upcoming products on the Bnext roadmap include a robust reward system, a diversified marketplace, its crypto wallet app with buying and selling conditions, international money transfers, user discounts and more.

To learn more about how more people are taking back full control of their finances, visit the Bnext website.

About Bnext

Bnext is one of the first Spanish fintech giants and a pioneer in offering an alternative to traditional banking. The company’s mission is to make it easier for people to control their money to live in a freer, simpler and more intelligent way.

Bnext links:

Bnext app: 

Algorand links:

Borderless Capital

Bnext is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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