Just recently, an established trading firm known as Fractal has announced its plans for the cryptocurrency industry. The firm has revealed that it has an interest in diving into the world of cryptocurrencies. The platform prefers to start its journey from the decentralized finance sector within the cryptocurrency industry.
The firm has revealed that it plans to expand itself in the decentralized finance (DeFi) space through a platform called Tokemak. Fractal has revealed that through Tokemak, it will be expanding its services in the decentralized finance sector. It plans to introduce more innovative and profitable products for its users.
The Fractal team working on the Tokemak project has called it a decentralized finance sector’s liquidity reactor. The firm has confirmed that the Tokemak will also be fully decentralized in order to meet the requirements for the DeFi world.
Fractal has already started making progress to jump-start project and get it ready for the DeFi world at the earliest. The firm has revealed that it has already completed its first funding round. It has received much support from the decentralized finance (DeFi) and framework investors.
Fractal made the announcement around the completion of the fundraising round on Tuesday, April 27, 2021. The firm revealed that it has successfully generated $4 million from the particular round. The venture capital firm that led the fundraiser on behalf of Fractal was Framework Ventures.
Framework Venture is already popular among the new decentralized finance startup projects for its support. The firm already backs a couple of major projects in the DeFi space known as Chainlink and Synthetix.
Apart from Framework Capitals, the fundraising round was also honored by the presence of major contributors. Some of the most prominent contributors in the round included ConsenSys, Delphi Ventures, North Island Ventures, Coinbase Ventures, and Electric Capital.
Fractal had announced prior to the fundraising round that it will be held to generate funds for the Tokemak project. The funds raised from the round will be used for the development of the Tokemak project. The firm aims to perform testing on it and launch the Tokemak platform at the beginning of Q3 2021.
The framework for the Tokemak has been built upon the Ethereum infrastructure. Therefore, once ready, the Tokemak platform will be launched through the Ethereum Network. On the Ethereum Network, Tokemak would serve as the liquidity reactor for the entire decentralized finance space.
The founder of Tokemak, Carson Cook also talked about the significance of the development of Tokemak. He stated that once launched, Tokemak would be one of a kind liquidity reactor in the decentralized finance industry. It would help the decentralized finance (DeFi) sector generate liquidity that will be sustainable rather than being volatile.