Pendulum completes $5m private sale to connect fiat to DeFi
Pendulum raised $5 million to build a blockchain connecting fiat networks globally to decentralized finance platforms. Next on Pendulum’s development roadmap are the launch of a public testnet and building out bridges to other blockchains.
Industry support for Pendulum presale
We are excited to announce that we raised $5m for Pendulum from an oversubscribed private sale round of the upcoming PEN token, with strategic partners from all over the world. Among the presale participants were coinIX, LD Capital, Duck DAO, 6K Starter, CRT Capital as well as high-profile angel investors like Daniel Masters and Shiyan Koh (Hustle Fund). The capital raised through the private sale will be used to continue building Pendulum, a blockchain that bridges the gap between fiat and decentralized finance (“DeFi”).
Meinhard Benn, CEO of SatoshiPay comments:
“We are extremely satisfied with the outcome of Pendulum’s private token presale. The fact that we were significantly oversubscribed shows us that there is strong demand for our upcoming network and token. New relationships with specialized funds, platforms, and protocols formed during the presale will help us to firmly establish the Pendulum network and its PEN token as major building blocks of the rapidly growing decentralized finance industry.”
Daniel Masters, Executive Chairman of CoinShares:
“The crypto industry is now enabling new business models made possible only by distributed ledger technology and DeFi may be the most significant product to date. I am excited to be supporting SatoshiPay and the Pendulum project. In my view, this initiative, along with many others currently in operation or underway, will entirely re-plumb the legacy banking and financial market infrastructure within the next decade.”
Susanne Fromm, CEO of coinIX:
“At coinIX we are excited to be supporting Pendulum as an early strategic partner. Pendulum is creating bridges between fiat stablecoins in the Stellar, Ethereum and Polkadot ecosystems. This provides DeFi yield opportunities to new user groups and further promotes the mass adoption of decentralized financial systems.”
Current progress and roadmap
Pendulum’s creation was inspired by a need for a smart contract blockchain that connects the world’s currencies to decentralized finance. SatoshiPay has experienced this need first-hand while building its cross-border money transfer solution DTransfer. To explore solutions to this we kickstarted an R&D project in May 2021, with the help of a grant from the Stellar Development Foundation, leading to the inception of what is now known as Pendulum.
The first prototype of Pendulum — which features a bridge to Stellar and an AMM smart contract — is already available on the internal Pendulum testnet. With new resources added, Pendulum aims to accomplish the following:
- Launch its public testnet and mainnet
- Introduce sophisticated smart contracts to the Stellar network
- Add a set of robust fiat assets on Polkadot/Kusama ecosystem
Given Pendulum’s rapid growth, we are looking for additional developers experienced in Substrate and Rust: Join Pendulum to help us shape the future of DeFi!
Pendulum is an open-source blockchain built on the proven Parity Substrate framework that aims to establish the missing link between fiat and the DeFi ecosystems through a sophisticated smart contract network.
Pendulum will connect DeFi to the foreign exchange market, building automated market makers (AMMs) to introduce scalable liquidity pools for fiat currencies, and create yield earning opportunities for fiat token holders.
Keep your eyes on the Pendulum! 👀
Follow our social media channels and visit our website to stay up-to-date on all latest developments:
Telegram Announcements: t.me/pendulum_chain
Telegram Group: https://t.me/pendulum_community