Flare Teams Up with Swiss Firm Lena Instruments to Launch New Crowdfunding Mechanism 

Reading Time: 2 minutes

Flare Network, a powerful new blockchain that has been built to connect everything, has recently announced that it has rolled out a crowdfunding launchpad together with Swiss blockchain software and infrastructure company Lena Instruments

The launchpad, known as CloudFunding, allows contributors to access crypto projects and unique benefits. In addition, they also retaining custody of their principal investment.

It is important to note that in the case of existing crypto launchpads, contributors can only decide the number of tokens they want to allocate to support the initiative. However, in the case of the CloudFunding launchpad, contributions come from the rewards earned by contributors’ wrapped FLR/SGB capital.

As a reward for their contributions, users will have access to an IOU of the project’s native token, which is available before the token generation event.

Hugo Philion, CEO & Co-founder of Flare, has said:

“CloudFunding is a perfect example of how developers can take advantage of the decentralized data infrastructure built natively into the Flare blockchain. By using the Flare Time Series Oracle as the mechanism for contributing to exciting new projects, CloudFunding creates a win-win-win situation. Flare obtains another FTSO provider that’s highly incentivized to provide accurate price data to the network; new projects get early access to community funding and support; and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.”

Laura Moreby, Head of Communications and spokesperson for Lena Instruments, has said:

“Lena Instruments, being a major token holder in Flare, is of course committed to its long-term success. It is therefore only natural for Lena to utilise its know-how and engineering talent to design new products that we hope will contribute to the development of Flare and appeal to the public. CloudFunding is a modern, decentralised launchpad that will allow the community to support the best possible projects within the ecosystem, having been carefully curated by the platform. Contributors can, without ever having to sell their FLR or SGB, keep up to date with developments, deliverables, and milestones made possible by their contributions.”

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!