Retail DeFi Startup Cryption Network Raises $1.1M in Private Round
[PRESS RELEASE – Tortola, British Virgin Islands, 25th May 2021]
Cryption Network, a user-friendly defi platform built for retail users, has completed its latest funding round after raising $1.1m.
The project welcomed investment from a slew of well-established private investors including Master Ventures, CMS Holdings, GravityX Capital, GenBlock.
Additional capital came from Ascensive Assets, X21 Digital, AU21, WaterDrip, and angel investors like Polygon co-founder, Sandeep Nailwal, and Fetch.ai CEO, Humayun Sheikh. The round was co-led by Master Ventures, GravityX Capital, and CMS Holdings.
“This round illustrates a high degree of confidence in our project from the crypto community, and validates our vision for Cryption Network and DeFi moving forwards,” said CEO Tejas Chitnis.
“We are humbled to have received such unprecedented demand from investors and support for the ecosystem.”
Cryption Network offers a suite of products for retail investors who are alienated by the complexity and volatility of the crypto market, as well as the pain points of decentralized finance.
An integrated ecosystem with a focus on layer-2, Cryption’s products include PolyDEX – L2 Swap, Elastic Farming, and a Seer-Prediction Market, as well as its own mobile application on iOS and Android. Cryption also supports NFTs.
Through its dedicated network, the platform enables Ethereum users to utilize diverse defi primitives launched on the Polygon blockchain. As such, users can benefit from innovative solutions and products without actually migrating blockchains.
This will enable innovators and developers to participate in open innovation from anywhere, without having to endure high network congestion and excessive fees.
The Cryption app functions as a digital wallet and dApp browser for both Ethereum and Polygon, and has been designed to ensure smooth onboarding for new users. To this end, Cryption will eliminate gas fees altogether, enabling users to use blockchain apps without worrying about the cost.
About Cryption Network
Cryption Network was created to promote crypto adoption by onboarding regular retail users. Launched on Polygon (formerly Matic), Cryption offers a suite of user-friendly products that allow users to swap, farm, invest and predict, without having to endure heavy network congestion or pay high network fees.