Decentralized finance (DeFi) protocol Launch X has just concluded a funding round led by Marshland Capital, Magnus Capital, and Valaren Ventures.
According to an April 24 blog post, Launch X raised $600,000 in a funding round to launch a multi-chain platform for startups on the Binance Smart Chain.
A number of other venture capital firms also contributed to the funding. These include Moonrock Capital, Ascensive Assets, Morningstar Ventures, Genblock Capital, Raptor Capital, Moonwhale Ventures, AU21 Capital, x21 Digital, DWeb3, and Vendetta Capital.
Marshland Capital’s David Marshall commented:
“Launch X represents a real opportunity to create a paradigm shift in fair and transparent public launches. With the vision of multi cross-chain platform listings, integrated staking, and NFT offerings, this truly offers something very exciting.”
Raising funds on BSC
Launch X will enable startups to raise capital across multiple blockchains but will focus on the Binance Smart Chain economy. Launch X has planned its initial DEX offering (IDO) for early May 2021.
The protocol will start by supporting just Ethereum and Binance Smart Chain, which hit a record of 9 million transactions per day last week. It plans to add Polkadot and Solana later in the year. The funding will be channeled into platform development and finalizing the Launchpad where new projects can join and register for funding.
The platform will focus on the issuance of tokens, cross-chain synthetic staking, and interoperability for DeFi startups.
“The Launch X governance model allows for a transparent and fair listing process, targeting innovative projects with strong prospects and robust teams,”
A familiar idea
The platform sounds a lot like the one that Binance already operates. The crypto exchange has its own Launchpool where it promotes BSC-based projects by providing time-limited yield farms for liquidity.
It’s currently running yield farms for a simulated NFT economy token called TLM. So far it has garnered 890 million in the BUSD pool and almost 12 million in BNB staking. Binance has previously launched farming incentives for ALICE, LIT, DODO, and BTCST projects.
Binance also has a Launchpad that promotes and sells tokens for BSC flavored projects. It’s currently plugging BAR tokens for the Barcelona football club. These tokens will be sold to BNB stakers for a discount. At the time of writing, 5.3 million BNB worth approximately $2.8 billion have already been staked in the latest Launchpad project.