Evrynet completed a round of funding valued at $7 million, in which a number of high-profile backers and investors took part. The team hopes to attract an institutional-grade audience to DeFi with these funds. In addition, the team behind the Evry.Finance DApp caters to individual investors’ needs through an increasing selection of yield products and a simple user interface. Bridging the gap between real world and decentralized assets will create new opportunities and liquidity sources for all dApp users, not just individual investors.
The best infrastructure for businesses and developers
Evrynet’s infrastructure is an intelligent financial service platform, which is very well suited for businesses and developers alike. Practically anyone can develop centralized decentralized finance apps through this infrastructure, which will be interoperable with other blockchains. In the future, Evrynet hopes to be able to promote financial inclusion by providing open source services to anyone. Completion of this funding round was a critical step in that direction.
Notable early backing
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Signum Capital led the private round, and Petrock Capital participated among others. There was impressive early backing from Everest Ventures, HashKey Capital, Seven Bank, Hanhwa Investments and Securities, Uni-President Asset Holdings, UOB Venture Management, Hopeshine Ventures, and Du Capital.
Evrynet project lead Korapat Arunanondchai commented:
“Since our inception in 2018, the Evrynet team has had a long development journey. Building technology to boost financial inclusivity allows us to focus on South-East Asia mainly. With the help of blockchain technology and smart contracts, we can provide fast, cheap, and secure methods for global money transfers, without the need for unnecessary intermediaries.”
According to John Ng Pangilinan from Signum Capital, Evrynet is ambitious enough to target a massive market opportunity – bringing real world assets and institutional investors to DeFi. Great potential lies ahead as Evrynet is interoperable with major blockchains, such as BEP-20 and ERC-20 tokens. To ensure the best balance between security and speed, the Evrynet ecosystem uses the proof-of-stake based Tendermint consensus protocol. The network transaction fee can be adjusted through networking voting and is expressed in gas.
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