Road Town, British Virgin Islands, June 22nd, 2023, Chainwire
LBank Labs, a renowned venture fund specializing in blockchain and cryptocurrency investments, is thrilled to announce its recent investment in Furion, a groundbreaking non-custodial and permissionless NFT utility platform.
Furion solves the problem of low utilization and limited liquidity in the NFT ecosystem by fractionalizing NFTs into ERC20 tokens. This allows for borrowing, lending, and long and short positions. Furion also transforms NFTs into fungible tokens through smart contracts, enabling collateralized lending between NFTs and ERC-20 tokens. The platform integrates an automated market maker trading pool for efficient trading experiences and enables short selling of NFTs. Crypto exchange LBank's venture fund has invested in Furion due to the rapid growth of the NFT market and their commitment to supporting innovative solutions.
LBank Labs invests in Furion to boost NFT innovation. With $100 million in assets under management, LBank Labs brings financial resources and a global network to Furion. In return, Furion will provide value to Labs, leveraging their expertise and strategic insights for mutual growth. “The dynamic and passionate team of Furion brings a wealth of experience and research in the NFT finance domain. Through our interactions with the Furion project team, we gained a deep understanding of the homogenized fragment NFT Pool solution, and how it sparks new possibilities in the NFT market”, said Wilson, Investment Asian Lead at LBank Labs.
Furion fits well with Labs' investing strategy of "Platform, Standard, Ecosystem," which breaks away from traditional divisions in the blockchain industry. Furion's NFT platform embodies the platform aspect, has the potential to become an industry standard, and has a robust ecosystem. Furion engages with the global NFT community and adjusts products based on feedback. Labs aims to enhance portfolio performance and diversification by building a network of Fund of Funds. LBank Labs operates globally, fostering collaboration and innovation.
About LBank
LBank is a leading cryptocurrency exchange founded in 2015. It provides financial derivatives, asset management services, and secure crypto trading to its users. The platform has 9 million users from over 210 regions worldwide. LBank is a modern platform that guarantees the safety of users' funds and strives to promote the global acceptance of cryptocurrencies.
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