Bnext Receives Additional $4.5M Investment, Led by Borderless Capital to Pilot DeFi on Algorand
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Borderless Capital has increased its investment in Spanish fintech, Bnext, to $10 million with a new investment of $4.5 million.
What this means for Bnext
This latest investment will contribute to Bnext’s goal of continuing to introduce cutting-edge fintech throughout 2022 and beyond. Borderless Capital will not only provide financial support, but will also offer invaluable expertise in Algorand’s blockchain ecosystem, which will help Bnext accelerate the development of its many financial products and drive adoption of DeFi technology across the board. global scale.
Algorand’s blockchain offers many technological advantages, including faster transaction speed, lower fees, no mining requirements, and a permissionless approach to consensus pure proof-of-stake (PPoS), to n to name a few. Following has already leveraged Algorand to power its wallet app and is developing several more use cases for the future.
Bnext partially closed its public token sale on March 31, 2022, successfully raising over €5 million. The token sale spanned two 7-day phases in March; the first phase saw participants purchase 360 million B3X utility tokens in the first few hours and an additional 15 million were purchased in the second phase. The remaining B3X tokens from phase two will be burned to increase liquidity.
The token sale has so far collectively raised 11 million euros.
The B3X token is a utility token that underpins the entire Bnext ecosystem, whose mission is to bring financial freedom to a global community of banked and unbanked people by expanding access to a growing selection of ‘next-generation financial tools and remaining committed to continuous user improvement. live.
Borderless Capital’s continued support will help Bnext strengthen its growing community and bring more value to users through its international expansion. Upcoming products on the Bnext roadmap include a robust reward system, a diverse marketplace, the crypto wallet app with buy and sell conditions, international money transfers, user discounts, etc
Bnext is one of the first Spanish fintech giants and a pioneer as an alternative to traditional banking. The company’s mission is to make it easier for people to control their money so they can live it in a freer, simpler and smarter way.