GloryFinance and Korean Technology Venture Capital Sign a $3.5m Seed Round Investment Agreement – Press release Bitcoin News
PRESS RELEASE. Early Jan 2023, in GloryFinance’s Development office, the Project’s Core team and representatives from one of the top Korean Technology Venture Capital has signed in a seed round funding investment agreement with a value confirmed to be USD 3.5M.
The funding will be under the form of Equity acquisition while further details of the deal are not mentioned due to confidentiality.
GloryFinance (token: GLR) is a newly launched DeFi project whose mission is to make DeFi adoption accessible for everyone and accelerate Blockchain’s applications sustainably across industries through Infrastructure development solutions.
GloryFinance business model spins around its Ecosystem including 3 pillars:
- Glorify: DeFi cross-chain application with UI innovation
- GloryLabs: Blockchain as a Service (infrastructure development)
- Glory Academy powered by Tech Education partner spinUp
According to Glory Finance’s representatives, the investment fund will assist the Project’s growth in the global market over the next 3 years, strategically focused on hiring global tech talents and developers for GloryLabs – the blockchain infrastructure development & enablement entity.
“Glory Finance leadership team is very delighted and confident in this strategic partnership with our new Investor whose portfolio has spanned across deep tech areas such as Data Center development, Smart City/IoT infrastructure, AI and Blockchain in the global market. While we have quite a number of other blockchain specialized Venture Capitals interested in our business, we believe partnering with cross sector VC will provide us the opportunity to connect with exceptional entrepreneurs, tech experts and other partners globally. It aligns perfectly with our mission for a sustainable and inclusive future of blockchain applications.” – Said James, spokesman and Co-founder of GloryFinance
In a call with news.bitcoin.com, Glory Finance’s representative was excited to share their ambitious plan to engage with more of global blockchain & web3 VCs globally regardless of the bear market condition citing that bear markets can benefit venture capital firms because shakier markets lead to lower valuations and more attractive entry points for potential investors. The Project targets a total fund of USD 10M for the seed round.
GloryFinance’s team are engaging in this new journey after their first successful endeavor. The team has previously founded and led the development of a DeFi/Blockchain project to a fast growth and expansion under 1 year, totaling $110M in Locked Value (peak) and reaching $100M in MarketCap making the project top 300 projects worldwide on CoinMarketCap.
With GloryFi, the project aims to bring innovation and solve several main issues of the current Decentralized Finance services landscape with one goal is mind: Make DeFi available to everyone.
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