DeFi Rising – ParaFi Capital Invests In Kyber Protocol
The emerging revolutionary field of Decentralized Finance (DeFi) is getting a lot of attention lately from investment funds, who are realizing the potential of this nascent field and carving their own way in. In one such development, the Kyber Protocol […]
The emerging revolutionary field of Decentralized Finance (DeFi) is getting a lot of attention lately from investment funds, who are realizing the potential of this nascent field and carving their own way in. In one such development, the Kyber Protocol announced on June 18 that ParaFi Capital had invested in the protocol early this year and purchased native tokens (KNC) directly from the team for decentralized liquidity growth.
.@paraficapital has invested in KNC to accelerate decentralized liquidity growth in #DeFi. @santiagoroel @anjan_vinod and the ParaFi team will be actively participating in governance, including KNC staking and voting on the @KyberDAO
Learn more: https://t.co/HcnMr7kSJi— Kyber Network (@KyberNetwork) June 18, 2020
However, the exact investment amount or the sold tokens count wasn’t released by Kyber. The ParaFi Capital will also work to accelerate professional market making on the protocol and take an active part in the its governance, once Kyber Katalyst launches and introduces decentralized governance through Kyber DAO later this month. They have also made a commitment to support the long term goal of the Kyber protocol to be the transaction layer of the decentralized economy, by using their DeFi industry wide partnerships and connections. The Kyber team also stated in the press release that ParaFi Capital has supported and invested in the project since mid 2019.
Loi Luu, CEO of Kyber: “ParaFi has been a driving force in the governance and growth of DeFi. The ParaFi team did extensive due diligence to understand the nuances and contours of the Kyber protocol, developing a deep understanding of the potential of the network. With their support and active participation in the KyberDAO, we are confident that we can bring Kyber’s role as the liquidity layer for DeFi to the next level.”
Santiago Roel Santos, Partner at ParaFi Capital, says: “We have been working closely with the Kyber team on their crypto-economic re-design and transition to a DAO with Katalyst. Kyber’s growth trajectory and breadth of integrations across the DeFi stack are impressive, as it evolves to become a liquidity protocol for the ecosystem.”
About Kyber Katalyst
The Kyber Katalyst is the next major upgrade for Kyber Protocol, which will likely go live by the end of this quarter (Q2 2020). It has already been deployed on the testnet. It will enable decentralized governance through KyberDAO – short for Decentralized Autonomous Organization and allow KNC holders to earn rewards by staking and participating in the protocol governance.
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