DeFi Protocol Flare Has Raised $11.3M Ahead of FLR Token Distribution

The Federated Byzantine Agreement-based (FBA) network, Flare, has announced the completion of another funding round in which it raised over $11 million. Kenetic Capital led the investment as some of the notable names that participated included Digital Currency Group, Coinfund, LD Capital, Wave Financial, and Borderless Capital.

Flare Raises $11M

Built as a scalable, decentralized smart contract platform that runs the Ethereum Virtual Machine, Flare utilizes Federated Byzantine Agreement-based consensus. The project announced the latest funding round in which it raised $11.3 million in a press release shared with CryptoPotato.

Apart from the aforementioned participants, additional financing came from private investors like Vinny Lingham, Do Kwan, DeFi Capital, ZB Group, Genesis Capital, and Litecoin’s founder – Charlie Lee.

According to Flare’s CEO, Hugo Philion, this investment round only goes to demonstrate “a belief in Flare’s potential to unleash the value and unlock the community in chains that do not have native smart contracts.”

“Flare’s goal is to bring additional utility to all chains and ecosystems that are integrated with it. The investment brings into the Flare ecosystem key participants in the investment community, together with major exchanges, market makers, blockchain founders, and entrepreneurs that have an interest in driving meaningful developments and participation of Flare.” – he added.

The Upcoming FLR Token Distribution

The statement also touched upon the upcoming airdrop of Flare’s native token – Spark (FLR). It will be distributed to XRP holders who help Ripple’s coin on December 12th, 2020. At the time, over 100 cryptocurrency exchanges participated in the distribution, and the “majority also agreed to list the token.”

The Flare protocol will enable “additional utility” for other tokens via its smart contract. Users will be able to utilize the FLR coin as collateral for the trustless issuance of assets from payment chains that lack smart contracts. After the launch, Flare will focus on XPR, XLM, LTC, and DOGE.

The PR indicated that already several DeFi, NFT, and gaming projects had revealed plans to launch on Flare, whose “Oracle system currently features at least 16 data providers.”