Bnext announces total investment of $10 million, as the Spanish fintech giant prepares to complete its token sale
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.
Algorand & Bnext
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.
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Private IDO for Algorand Community
To show support for the Algorand community, Bnext will be reappropriating 350 million B3X tokens for a private IDO, launching on a leading Algorand DEX soon. These tokens represent all that remains from Phase 2 of the initial B3X token sale.
In addition to the IDO allocation, all Algorand community members who participate and hold tokens on the DEX will have priority access to new functionalities and other benefits. Information on the IDO will be released on Bnext’s social media channels in the coming weeks.
Bnext Public Token Sale Raises Over €5 Million
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, after the expected IDO, will be burnt to increase liquidity.
The token sale has thus far collectively raised €11 million, with Bnext reserving the last remaining tokens for a private IDO for the Algorand community.
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B3X Token Utility
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.
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