Business News Report
February 23, 2024

Flare Blockchain Raises $35M Funding from Kenetic Capital, Aves Lair and Others

In Brief

Flare secured $35 million in a private funding round, with significant investments from Kenetic Capital, Aves Lair and other backers.

Flare Blockchain Raises $35M Funding from Kenetic Capital, Aves Lair and Others

Layer-1 blockchain network Flare today announced that it raised $35 million in a private funding round, with investment from Kenetic Capital, Aves Lair, and other key players.

Positioned as a layer-1 network specializing in data management, Flare facilitates the creation of smart contract protocols and prioritizes pricing oracles, essential for relaying asset prices across various decentralized finance (DeFi) applications.

To enhance investor confidence and manage market dynamics, early project backers have voluntarily agreed to extend the token distribution period from 2024 to the first quarter of 2026. Additionally, a selling limit of 0.5% of daily trade volume has been instituted to alleviate market sell pressure.

“I am delighted that Flare’s early backers have demonstrated a strong recommitment of support for Flare’s growing ecosystem. Their further investment into the Flare ecosystem will help the network grow and thrive by providing liquidity to DeFi and investment for projects building on Flare. Agreements over liquidity are excellent for a growing ecosystem,” said Hugo Philion, co-founder of Flare.

“At this final anticipated liquidity event, I am very grateful to our early backers, for continuing to be Flare’s biggest proponents and codifying a supportive, objective relationship aligned and beneficial to Flare’s growth,” Philion added.

In a move aimed at bolstering ecosystem development, Flare announced in October its decision to burn 66 million tokens monthly until January 2026, representing 2% of the total token supply.

Kenetic Founder Backs Flare’s Vision

The recent funding boost coincides with the integration of Google Cloud as a validator within the network, triggering a 5% surge in the value of its native token (FLR) in the preceding month.

“We wholeheartedly believe in Flare’s vision for securing data in the age of Web3 and the potential for FAssets to empower non-smart contract tokens. With this re-structuring and agreement to invest heavily in Flare’s economic and financial infrastructure growth, we are confident that our early investment will grow exponentially beyond our initial expectations,” said Jehan Chu, founder of Kenetic.

Furthermore, FLR experienced a 13% increase in value following a blog post by BitMEX founder Arthur Hayes, emphasizing the growing significance of on-chain oracles in decentralized exchanges for price discovery.

In response to the funding announcement, FLR witnessed an additional 3.05% uptick in its value, underscoring the market’s positive reception towards Flare’s initiatives and partnerships.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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