DuckDAO x Convergence: Strategic Partnership Announcement
DuckDAO established a strategic partnership with a platform we believe has the potential to unlock one of the most promising sectors in the decentralized finance space — we’re talking about security tokens.
Our latest strategic partner, Convergence, is building a decentralized platform that will unlock the liquidity of real-world assets, and then bridge them to the expansive decentralized finance (DeFi) landscape through its innovative Wrapped Security Token (WST) solution. Its technology will allow regular investors to gain exposure to security tokens without the typical hurdles involved in becoming an accredited investor while unlocking new DeFi use cases for security tokens.
The platform recently raised $2 million in a funding round, which included notable investors like Hashed, Genesis Block Ventures, Alameda Research, CMS Group, Kenetic Capital, and yours truly DuckDAO.
These funds will be used for developing its testnet and mainnet, and for growing its user base, among other things. Convergence plans to hold a public sale of its native token CONV at the end of March.
As part of our partnership, DuckDAO will work with Convergence to optimize community-building, promotion, and securing partnerships that can help bolster its offering.
About Convergence
Convergence is a platform that has set out to democratize access to illiquid asset classes through its powerful automated market maker (AMM) protocol.
Through the Convergence Protocol, users will be able to easily swap their general utility tokens (such as ether and ERC-20 tokens) to wrapped security tokens (WSTs) — which can later be converted back to their underlying security tokens (STs).
These WSTs can represent practically anything, including tokenized real estate, shares, and commodities, allowing users to easily trade full or partial ownership of an asset through a simple token. This system brings with it a number of benefits. By wrapping security tokens, users can essentially move their security tokens into the rapidly blossoming decentralized finance (DeFi) landscape.
Overall, Convergence looks to overcome the limited accessibility of security tokens, while also providing WST holders with the potential to use their assets in a variety of DeFi protocols — ranging from yield farms, to open lending platforms, liquidity pools, and more.
With its solution, Convergence is poised to bridge the $100 trillion global securities industry with the rapidly expanding DeFi landscape — allowing security token holders to easily benefit from DeFi solutions while opening up security tokens to retail investors.
🧠 Learn more about the project:
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DuckDAO is a community-backed digital asset incubator that provides promising early-stage crypto startups with the expertise, financial resources, and marketing power needed to fast track their progress on the path to success.
