The XDC Network Secures $50 Million From LDA Capital The fund raised will be used to accelerate the expansion and development of layer 2 projects across the XDC ecosystem and to facilitate network adoption and real-world utility
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The founders of the XDC Network has leveraged a portion of their personal token allocations to secure $50 million commitment from global alternative investment group LDA Capital Limited to accelerate the expansion and development of layer 2 projects across the XDC ecosystem and to facilitate network adoption and real-world utility. LDA support will help fund new ventures and entities laser-focused on increasing network adoption among retail and institutional participants, jumpstarting on-chain activity and total value locked (TVL), and supporting technological innovation.
"LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC blockchain network assume its position as a market leader," said Anthony Romano, LDA Capital Ltd.
LDA Capital is a global alternative investment group with expertise in cross border transactions worldwide. It has a team that dedicated their careers to international and cross border opportunities having collectively executed over 250 transactions in growth stage businesses across 43 countries with aggregate transaction values of over $11 billion, claimed by the platform in a statement.
"Our collaboration with LDA will usher in an exciting new period in the XDC Network's history by enabling unprecedented growth of the layer 2 ecosystem across various use-cases, with an emphasis on bringing ever more value TVL to the network via hyper-scalable dApps, DEXs,TradeFi/DeFi and advanced products filling the gaps between traditional and decentralized finance," said Ritesh Kakkad, co-founder, XinFin (XDC) Network.
The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM- (ethereum virtual machine) compatible, layer 1 blockchain that has been operationally successful since 2019, as per the statement.