Balancer Lab Purchases 24.25 Million in Token With Partners

Balancer labs partnered with prominent cryptocurrency enthusiasts and potential investors who provided a capital amount of 24.25 million US dollars to fund their operations. Previously Alameda Capital and Pantera Capital were the chief investors who bought BAL tokens straight from the lab’s treasury. These new investors will join the group now. In March 2020, Balancer Labs raised 3 million dollars, thus fortifying the platform of Balancer Protocol and advancing towards their goal of making the company’s protocol a leader in DeFi liquidity.

With the aim to serve the best interests of the community and the Protocol, Balancer Labs has amassed the lump sum of 24.25 million dollars and will promote its protocol and its functionality in the Asia Pacific zone. Their goal is to foster bonding and engagement among the Balancer community members and provide backing to any programmer or developer who wants to launch their Decentralized Finance project based on the Balancer Protocol.

The new investors in Balancer Protocol are Blockchain Capital, Fenbushi Capital, Fintech Collective, LongHash Ventures, Continue Capital, and Kain Warwick and Jordan Momtazi of Synthetix.

Since its inception as a research project in 2018, Balancer has prided itself on its innovative mathematical algorithm, which facilitates auto-rebalancing any portfolio while the fees are generated simultaneously. The assets can be managed simply and flexibly. A first-time token holder can convert their portfolio into a Balancer pool or include the portfolio in the previous community of pools, thus ensuring 100 percent fungibility of assets. In a single pool, one can now have 8 tokens and distribute the value in any percentage they want. This facilitates the investors to customize their index fund, which has self-balancing property.

At present, the Balancer Protocol facilitates AMM innovation due to its newly launched program of Balancer V2. This is especially good news for investors and programmers, as they can now utilize the V2 vault to develop their DeFi project and reap benefits from collated network effects and fungibility.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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