Genesis Shards Raises $2.7M to Create New Pre-IDO Market Using DeFi NFT Options

Place/Date: - March 24th, 2021 at 12:00 pm UTC · 3 min read
Contact: Genesis Shards, Source: Genesis Shards

The DeFi ecosystem has taken leaps and bounds over the last few years. However, it still faces some acute bottleneck issues in the pre-IDO space, with low token liquidity due to lack of a tradable market and inconsistent OTC trade practices that have a high default risk.

Genesis Shards was created to usher in a new paradigm where network participants can efficiently and safely gain access to and trade pre-IDO tokens, while projects can leverage token liquidity early in the life cycle, build strong community support early on in their journey, and also get a sense of price discovery. This is done by essentially “NFT-ing” the OTC market: transforming NFTs into a liquidity vehicle for pre-IDO tokens.

Genesis Shards aims to pioneer the DeFi NFT space by reimagining nonfungible tokens as DeFi options.

Genesis Shards’ vision has attracted the support of participants from every corner of the DeFi sphere. Our funding rounds were crafted to be inclusive of the entire ecosystem.

Industry heavyweights such as 3Commas, Block Dream Fund by OKEx, LD Capital, Spark Digital Capital, Momentum 6, Solidity Ventures, BlackEdge, Morningstar, BitBloc, Blocksync, Chain Capital, X21, Astronaut Capital, Moonrock Capital, Moonwhale Ventures, PNYX Ventures, AU21 Capital, Master Ventures, PetRock Capital, as well as many other reputed angels such as Santiago Roel Santos of Parafi Capital; Sandeep Nailwal, co-founder and chief operations officer of Polygon; Danish Chaudhry, CEO of Bitcoin.com; and Rachid Ajaja, CEO and founder of Alliance Block all supported the rounds.

We are inspired to see our vision of NFT-ing the pre-IDO OTC market resonating with some of the most seasoned investors and industry participants. These early investors and supporters were selected on the basis of the value that they will bring to us and to our long-term success.

The successful close of our fundraising rounds is a key milestone for us in our journey.

Nilotpal Mukherjee and Garlam Won, the co-founders of Genesis Shards, said:

“Our vision is to build a whole new marketplace for pre-IDO liquidity on NFTs, unlocking a new frontier in DeFi.”

Unlocking a New Frontier in DeFi: A Pre-IDO Marketplace on Nonfungible Tokens

The DeFi space today faces some big problems when it comes to pre-IDO trading. Though initial DEX offerings have rapidly gained acceptance as the go-to choice for token distribution, there are very few avenues for pre-IDO trading for the community. On the other hand, projects have limited community participation and little sense of price discovery in the early stages.

Genesis Shards aims to solve the issues faced by DeFi projects and their communities in the pre-IDO space by building the first marketplace for pre-IDO tokens on NFTs. By wrapping time-locked fungible tokens into NFTs, Genesis Shards will create a new market for previously illiquid tokens.

About Genesis Shards

Genesis Shards is a decentralized ecosystem powered by Polkadot that redefines NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens.

The next major steps in Genesis’ journey will be announced soon. Keep your eyes peeled for updates.

Follow Genesis Shards’ developments on Telegram Announcement, Telegram chat, Twitter.

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