Cryptocurrency

XDC Network Receives $50M from LDA for L2 Protocol Development

The XDC Network, which was introduced in 2019, is an enterprise-grade, carbon-neutral, hybrid blockchain that was created with the specific goal of satisfying the expanding demands of global financial institutions, regular consumers, and entrepreneurs for quick, secure, decentralized network products.

It now used a portion of its personal token allocations to leverage a $50 million commitment from global alternative investment firm LDA Capital Limited to speed up the expansion and development.

Ritesh Kakkad, Co-founder of XinFin (XDC) Network said that

“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 (“Total Value Locked”) to the network via hyper-scalable dApps, DEXs, TradeFi/DeFi, and advanced products filling the gaps between traditional and decentralized finance.”

Despite the present macroeconomic environment, the number of (Smart Contract based) projects built on XDC has already multiplied relentlessly and exponentially, with DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers and cloud storage, payment dApps, legal document repositories, and tokenized real-world assets all instituting roots in the network recent times. The rate of growth will only grab with the addition of LDA’s aid.

Atul Khekade, Co-founder XinFin (XDC) Network said that

“Though there have been many institutional funds eager to participate in the XDC Network over the years, we’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.”

Anthony Romano of LDA Capital Ltd. added that the company is happy to engage with the XDC ecosystem and that, in turn for investment, it will provide strategic advice and support to assist the XDC Blockchain Network to establish itself as the industry leader. The collaboration will strengthen XDC in the future, and the ecosystem’s partners will also gain from it.

The post XDC Network Receives $50M from LDA for L2 Protocol Development appeared first on Blockonomi.

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With 5 years of experience as an editor, Matthew has been a crucial part of TheTechly since its inception. He looks after the editing of news content published on TheTechly. Apart from investing his time in editing, he also provides well-researched news articles for the U.S. niche.
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