THORChain closes additional investment
THORChain has closed additional investment from a group of strategic investors
Overview
Since the THORChain Project started in 2018, it has operated on a modest amount of seed investment. This was augmented by an Interchain Grant in Q2 2019, and then again by a $1.5m Initial DEX Offering on BinanceChain in July 2019.
The current reserves sit around USD $1m, with a USD $65k monthly burn rate. This is sufficient to fund the project to BEPSwap and the first versions of ASGARDEX. In order to realise the full vision of a hyper-liquid future, the team intend to raise additional capital of $2–3m in 2020 and beyond. The additional capital will fund the ASGARD Wallet, upgraded node software, threshold signature research and development, privacy enhancements and more features in THORChain. The Operational Reserves of 47m RUNE are from where this capital will be raised.
In the lead up to the launch of ChaosNet and BEPSwap, THORChain has attracted a lot of attention from private investors and token funds. The team believe the best holders of the RUNE token are those highly-familiar with decentralised finance and existing digital asset exchanges. These entities will be able to bring the most value to the network by being active and engaged with the system, staking assets, providing liquidity, building arbitrage services and running nodes.
Investment
As such, the team have closed an OTC sale of 3.25m RUNE (an entire month’s allocation from the Operational Reserves) at the trailing market price with a group of investors who are positioning to become node operators and liquidity providers to THORChain. These investors will also assist the THORChain team with the THORChain Exchange Partner Program, by introducing the team and helping close exchange partners.
Exchange Partners are by far the most suited to becoming THORNodes, as they have the user-base, capital, staff and technical know-how to run a THORNode and service the network, and the investment group closing the current deal are deeply connected across the exchange space.
The team will use this investment to grow head count, hiring three more developers to assist in the validation and testing of the THORNode software, to ensure a successful ChaosNet launch.
Transaction
The transaction will take place within the next 24 hours, by unlocking 3.25m Rune from the Operational Wallet and transacting to the Investors’ Wallets, where it will be split up from there. This will also help to increase the distribution of the RUNE token to highly-aligned entities, and fulfils another objective of the project.
The community should expect this transaction be picked up by Binance Chain alerts.
THORChain Community
To keep up to date with the upcoming ChaosNet, please monitor community channels, particularly Telegram and Twitter:
- Twitter: https://twitter.com/thorchain_org
- Telegram Community: https://t.me/thorchain_org
- Telegram Announcements: https://t.me/thorchain
- Reddit: https://reddit.com/r/thorchain
- Github: https://github.com/thorchain
- Medium: https://medium.com/thorchain
