GloryFinance and Korean Technology Venture Capital Sign a $3.5m Seed Round Investment Agreement
PRESS RELEASE. In early January 2023, at GloryFinance’s development office, the project’s core team and representatives from one of Korea’s leading technology venture capitals signed an investment agreement for a $3.5 million seed funding round.
The financing will come in the form of a share purchase, with further details of the deal being kept confidential for confidentiality reasons.
GloryFinance (Token: GLR) is a recently launched DeFi project with a mission to make DeFi adoption accessible to everyone and sustainably accelerate blockchain applications across industries with infrastructure development solutions.
The business model of GloryFinance is based on an ecosystem that includes 3 pillars:
- Glorify: A cross-chain DeFi app with an innovative user interface
- GloryLabs: Blockchain as a Service (Infrastructure Development)
- Glory Academy powered by tech education partner spinUp
According to Glory Finance representatives, the investment fund will contribute to the growth of the project in the global market over the next 3 years, strategically focused on hiring global technical talent and developers for GloryLabs, an organization dedicated to the development and maintenance of blockchain infrastructure.
“The leadership team of Glory Finance is very excited and confident about this strategic partnership with our new investor, whose portfolio spans deep technology areas such as data center development, smart city/IoT infrastructure, artificial intelligence and blockchain in the global marketplace. While we have quite a few other blockchain VCs interested in our business, we believe that partnering with cross-industry VCs will give us the opportunity to connect with outstanding entrepreneurs, tech experts and other partners around the world. This aligns perfectly with our mission for a sustainable and inclusive future of blockchain applications.” said James, spokesman and co-founder of GloryFinance.
Speaking to news.bitcoin.com, Glory Finance was delighted to share his ambitious plan to attract more blockchain and web3-based global venture capitalists around the world, regardless of the state of the bear market, noting that bear markets can benefit VC firms. capital as shaky markets lead to lower valuations and more attractive entry points for potential investors. The project is targeting a total fund of US$10 million for a seed round.
The GloryFinance team is embarking on this new journey after their first successful venture. The team previously founded and led the development of a DeFi/Blockchain project that grew and expanded rapidly in less than 1 year, with a total fixed cost of $110M (peak) and reached $100M in MarketCap making the project one of the top 300 projects worldwide. the world on CoinMarketCap.
With GloryFi, the project aims to innovate and address several major challenges in the current decentralized finance service landscape with one goal: making DeFi accessible to everyone.
Links to GloryFinance:
Web site: http://gloryfinance.io/
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Credit : news.bitcoin.com