Flare Network and Lena Instruments launch new crowd funding mechanism
Categories: Crypto News US
FlareNetwork and Lena Instruments launch new crowd funding mechanism
Interoperability-focusedblockchain Flare Network has partnered with software infrastructure firm LenaInstruments to implement a crowdfunding mechanism that lowers the risksassociated with startup investing.
LenaInstruments announced what it called a “CloudFunding"launchpad, which lets Flare investors allocate a percentage of the rewards thatthey earned to investments in new crypto startups without moving their initialinvestments.
Apartfrom providing a low-risk investing solution for its contributors, the platformalso aims to help projects that have launched on the platform have regular cashflows during the reward distribution periods.
Meanwhile,Web3 is recognized as a great way to solve the budget woes of content creatorsdue to its inherent functions. In a previous interview with Cointelegraph,Mehmet Eryılmaz, the CEO of Faro Company said that Web3 frees content creatorsfrom traditional gatekeeping and is a great alternative for crowdfundingentertainment projects.
LauraMoreby, an executive at Lena Instruments, said that their firm, which is amajor Flare holder, will continue to offer its support to the project. “CloudFundingis a modern, decentralized launchpad that will allow the community to supportthe best possible projects within the ecosystem, having been carefully curatedby the platform,” Moreby said.