Bnext Receives Additional $4.5 Million Investment, Led by Borderless Capital to Drive DeFi on Algorand
The Algorand blockchain ecosystem will help Bnext accelerate the development of its numerous financial products.
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Borderless Capital has increased its investment in Spanish Fintech, Bnext, to $10 million with a new investment of $4.5 million.
What this Means for Bnext
This latest investment will help further Bnext’s goal to continue introducing bleeding-edge financial technologies throughout 2022 and beyond. Borderless Capital will not only provide financial support but also offer invaluable expertise in the Algorand blockchain ecosystem which will help Bnext accelerate the development of its numerous financial products and drive the adoption of DeFi technology on a global scale.
The Algorand blockchain offers numerous technological benefits including faster transaction speed efficiency, lower fees, no mining requirements, and a permissionless pure proof of stake (PPoS) approach to consensus, to name a few. Bnext has already leveraged Algorand to power its wallet app and is developing several more use cases for the future.
Bnext partially closed its public token sale on March 31, 2022, successfully raising over 5 million euros. The token sale spanned two 7-day phases across March; phase one saw participants buy 360 million B3X utility tokens in the first few hours and another 15 million were purchased in phase two. The remaining B3X tokens from phase two, will be burnt to increase liquidity.
The token sale has thus far collectively raised €11 million.
The B3X token is a utility token that underpins the entire Bnext ecosystem, whose mission is to bring financial freedom to a global community of banked and unbanked by expanding access to a growing selection of next-generation financial tools and remaining committed to continuously improving the user experience.
The continued support from Borderless Capital will help Bnext to strengthen its growing community and bring more value to users through international expansion. Forthcoming products on the Bnext roadmap include a robust reward system, a diversified marketplace, the crypto wallet app with buying and selling conditions, international money transfers, user discounts, and more.
Bnext is one of the first Spanish fintech giants and a pioneer as an alternative to traditional banking. The company’s mission is to make it easier for people to control their money in order to live it in a freer, simpler and more intelligent way.