By
Bhushan Akolkar
April 22nd, 2024
The $500k injection from ENV not only signifies a financial endorsement but also represents a capital boost that can help propel EZ Swap to greater heights through targeted developments and product introductions.
The EOS Network Ventures (ENV) has recently made a strategic move by investing $500,000 into EZ Swap, during its second fundraising round in December 2023. This substantial investment played a pivotal role in contributing to EZ Swap’s impressive achievement of securing a total funding of $1 million.
As per the announcement from the EOS Network Foundation (ENF), the funding round also enjoined participation from other prominent investors like IOBC Capital and Momentum Capital. The decision to invest in EZ Swap demonstrates ENV’s commitment to fostering innovation within the EOS ecosystem.
Benefits of the Fundraising
EZ Swap, a multi-chain Non-Fungible-Token (NFT) decentralized exchange (DEX) protocol and inscription marketplace, has been gaining traction for its innovative solutions and commitment to providing users with a seamless and efficient swapping experience. As such, this investment is set to significantly boost EZ Swap’s gaming asset and smart inscription protocol landscape.
Undoubtedly, the $500k injection from ENV not only signifies a financial endorsement but also represents a capital boost that can help propel EZ Swap to greater heights through targeted developments and product introductions. Additionally, the fund will enable EZ Swap to enhance technological capabilities and contribute to the overall advancement of the EOS ecosystem through cutting-edge gaming solutions and expanded cross-chain functionalities.
Furthermore, the collaboration is expected to leverage the strengths of both entities, combining the technological prowess of EZ Swap with the network support and expertise offered by EOS. The funds will also be utilized to further develop and scale EZ Swap’s platform, potentially introducing new features and expanding its user base.
More Developments on the EOS Network
Just last month, EOS Labs and ENF, the main stewards of the EOS Network announced a strategic collaboration with EOS Stablecoin Chain (ESCC), an Ethereum (ETH) based stablecoins solutions provider. According to the partnership details, the three outfits aim to integrate an optimized platform for high-speed compliant stablecoin transactions.
Together, they aim to provide EOS users with a specialized and efficient solution to handle stablecoin transactions, making them faster, more cost-effective, and regulatory compliant. Apart from facilitating transactions, ESCC’s partnership with the EOS Network introduces open and regulated stablecoin environments, including intricate Know Your Customer (KYC) processes.
The EOS Network Foundation has been strategically positioning itself for growth for a while. Back in April 2023, it secured regulatory approval to trade EOS tokens on regulated cryptocurrency exchanges in Japan. The Japan Virtual and Crypto Asset Exchange Association (JVCEA), the regulatory body responsible for ensuring safety in crypto trading, granted the whitelist approval, marking a pivotal step for EOS adoption.
That same month, ENV allocated $20 million to support developers building apps and games on the network. The move boosted the network’s growing decentralized finance (DeFi) ecosystem, causing a sudden rise in locked value for EOS-built projects.