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HomeInsightFunding Alert The XDC Network Raises $50 mn From LDA Capital

[Funding alert] The XDC Network Raises $50 mn From LDA Capital

In order to accelerate the growth and development of layer 2 projects throughout the XDC ecosystem, as well as to promote network adoption and practical utility, the founders of the XDC Network have used a portion of their personal token allocations to secure a $50 million commitment from the international alternative investment group LDA Capital Limited.

In order to accelerate the growth and development of layer 2 projects throughout the XDC ecosystem, as well as to promote network adoption and practical utility, the founders of the XDC Network have used a portion of their personal token allocations to secure a $50 million commitment from the international alternative investment group LDA Capital Limited.

Initiating on-chain activity and total value locked (TVL), fostering technology innovation, and increasing network acceptance among retail and institutional partners are all goals of LDA support, as per reported by Entrepreneur.com.

Read also – [Funding alert] Mufin Green Finance Raises Rs 45 cr in Series A Funding

“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.

According to the statement, the XDC Network is an open-source, carbon-neutral, layer 1 blockchain that is compatible with the Ethereum virtual machine and has been operationally effective since 2019.

“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.

Read also – [Funding alert] Fintech startup Vance raises $5.8 mn in Seed Round led by Hummingbird Ventures

LDA Capital is a multi-national alternative investment firm with experience in international deals. The platform asserted in a statement that its team has devoted their lives to global and cross-border possibilities, having completed more than 250 transactions in growth stage companies across 43 countries with total transaction values over $11 billion.

About XinFin (The XDC Network)

XinFin (XDC) is an open-source hybrid blockchain platform. Combining the best attributes of both private and public blockchain XinFin offers a scalable, secure enterprise-grade blockchain that is well suited for highly-regulated industries and commercially sensitive data.

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