Enjin, a blockchain-focused company, has raised $18.9 million for a Polkadot-based ecosystem of non-fungible tokens (NFT) called Efinity. According to an announcement, the fundraising round was led by Crypto.com Capital, DFG Group, and Hashed. The private sale was also supported by BlockTower, Blockchain.com Ventures, and many others.
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Baek Kim, Senior Associate at Hashed, says Efinity will make it possible for creators "to mint multi-chain tokens and move them to other compatible blockchains hassle-free."
As Enjin said in its recent announcement, Efinity will enable NFTs to be utilized by virtually any industry, unlocking "potentially trillions of dollars in currently illiquid and unique real-world and digital assets."
"Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy," said Caleb Applegate, Enjin COO.
Ilija Rolovic, Chief Growth Officer at Enjin, says Efinity will be capable of processing up to 700-1,000 tps (transactions per second) on current benchmarks. The Ethereum network, for instance, can handle approximately 15 TPS so far.
Earlier in March, Dragonfly Capital, an investment banking firm focused on small and middle-market companies, announced the launch of a new $225 million venture fund called Dragonfly Fund II. Dragonfly Capital partnered with Sequoia China as a strategic LP. The company also partnered with Asian crypto-related companies, including OKEx, Huobi, Bitmain, and Bybit.
The new fund will reportedly focus on decentralized finance (DeFi), NFTs, Ethereum Layer-2 applications, and centralized finance (CeFi).
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