BlockTower Capital acquires $20M stake into the Fantom ecosystem
New York, NY – March 2 2021 — BlockTower Capital, a leading crypto and blockchain investment firm, has acquired a $20 million stake in the Fantom ecosystem through investment.
Blocktower’s investment and strategic alignment with the Fantom Foundation highlights the two firms’ shared vision for a scalable, non-tribal and cross-chain DeFi ecosystem.
Fantom’s core value proposition – a high-throughput, scalable, fast, and inexpensive layer 1 network that can serve as a Ethereum load balancer – immediately resonated with the BlockTower team. Blocktower believes Fantom will be one of the new leaders in the cross-chain revolution.
The recent release of multichain.xyz, a decentralized cross-chain bridge, ushers in a new era in DeFi. Users can now seamlessly swap digital assets between Ethereum and Fantom to access its fast speed and low costs for a new kind of DeFi experience.
Several DeFi protocols have already begun deploying on Fantom, including Keep3r, Cover, and Yearn Vaults, with more expected in the near future.
‘’Fantom has been diligently building in the background a layer 1 solution that is now ready for primetime, and we believe solves some major issues that DeFi must overcome in order to become widely adopted. We’re looking forward to furthering their mission to build a scalable, decentralized network.’’ – Avi Felman, BlockTower Capital
About BlockTower Capital
Blocktower Capital is a crypto asset investment firm founded by Ari Paul and Matthew Goetz in 2017.
Paul has published papers on cryptocurrency lending, the history of money, and applying investment concepts to cryptocurrency. Prior to BlockTower, he was a portfolio manager at The University of Chicago’s endowment fund. Goetz was previously a vice president at Goldman Sachs.
BlockTower Capital was originally funded by venture capital firms Andreesen Horowitz and Union Square Ventures.
Link to website: https://www.blocktower.com/
About Fantom Foundation
Founded in 2018, The Fantom Foundation has built a highly scalable blockchain ecosystem that facilitates decentralized, scalable, and secure technologies.
Fantom is a fast, scalable, and secure layer-1 platform built on an aBFT consensus protocol.
The speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications as well as real world uses.
Many Ethereum protocols are porting over to Fantom to create a seamless cross-chain ecosystem. These include Keep3rV1, Cover, Cream, Frax, Sushiswap, Yearn and others.
The technology is also used in several government digitization programs in the Middle East.