A protocol for programmable liquidity on the Ethereum blockchain called Balancer has attracted investments from Pantera Capital and Alameda Research in the form of direct purchase of BAL tokens.
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According to an official blog announcement, Pantera Capital and Alameda Research purchased an undisclosed amount of BAL tokens from the Balancer Labs treasury to accelerate growth of programmable liquidity.
With the investments, Balancer Labs, the developers team behind the DeFi protocol, will grow as development of Balancer V2 ramps up. The company says the second version of the Balancer protocol will "overhaul the current system architecture to introduce significant improvements to transaction costs, ease of developer integration, and user experience."
Balancer Labs CEO, Fernando Martinelli, says the company is thrilled to partner with the two investment funds as it moves into the next phase of growth.
"With their hands-on experience in DeFi, both Pantera Capital and Alameda Research are uniquely positioned to help fuel Balancer’s expansion as investors and users of the protocol," Martinelli added.
In June, the DeFi protocol had been attacked by hackers who managed to steal approximately $500,000 in ETH. According to exchange 1inch, the bad actor manipulated Balancer's smart contract causing a lack of liquidity in its pools.
However, the hack did not stop the asset from being listed on Coinbase later in July.
At press time, BAL is trading at $11,20 USD (+13,18% per 24 hours).
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