Bnext Receives Major Investment To Drive DeFi On Algorand

May 7, 2022 9:27 pm

Investment firm Borderless Capital has announced that they are now making a total investment of $10 million in fintech company Bnext.

Bnext is a company that focuses on providing a variety of financial products that will accelerate the adoption of decentralized finance around the world.

The firm has selected the Algorand blockchain to build its products due to its fast transaction speeds, low fees, and energy efficient consumption.

In the past, the company has already used the blockchain to develop its wallet application and is looking to continue utilizing Algorand for all of its future products.

Algorand will also stand to benefit a lot from Bnext’s partnership such as having a private IDO.

News.bitcoin.com reports:

To show support for the Algorand community, Bnext will be re-appropriating 350 million B3X tokens for a private IDO, launching on a leading Algorand DEX soon.

These tokens represent all that remains from Phase 2 of the initial B3X token sale.

In addition to the IDO allocation, all Algorand community members who participate and hold tokens on the DEX will have priority access to new functionalities and other benefits.

Information on the IDO will be released on Bnext’s social media channels in the coming weeks.

Bnext also had its own public token sale which was very successful where it raised over 5 million euros and the company plans to use some of that to benefit Algorand by reserving a portion of the tokens for a private IDO for Algorand.

With significant capital to continue building upon the Bnext ecosystem, the company is setup in a strong position where its tools and platforms will continue to experience user growth around the world.

With more usage, the Algorand blockchain will experience more adoption as it facilitates an increasing number of transactions from the products that are powered by the network.

Yahoo reports:

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 by expanding access to a growing selection of next-generation financial tools and remaining committed to continuously improving the user experience.

The continued support from Borderless Capital will help Bnext to strengthen its growing community and bring more value to users through international expansion.

Forthcoming products on the Bnext roadmap include a robust reward system, a diversified marketplace, the crypto wallet app with buying and selling conditions, international money transfers, user discounts, and more.

At the time of writing, Algorand’s native token has a recorded price of around 75 cents and a total market cap of $5 billion according to CoinMarketCap.

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