Waggle Network, a cross-chain protocol that unlocks liquidity for post-IDO tokens, has announced a $3 million seed raise by leading investors including (but not limited to) GBV, SVC, Genesis Block Capital, Basics Capital, Bixin Ventures, NGC, AU21, Gate.io labs, MEXC, HG Ventures and Spark Digital.
Waggle has also announced the addition of strategic partners such as Solanium, Occam, and Poolz.finance to help foster the company’s multichain approach, as well as media partners Minted Labs, ODaily, CrryptoTimes, Bitcoin Addict, and Bigcoin Vietnam. With each investor and partner, Waggle unlocks the potential to tap into thousands of portfolio projects and deep industry expertise from top Web3 investors and builders.
Waggle’s founding team brings heavy experience in DeFi along with first-hand experience with some of the major pain points that inspired Waggle’s creation. Conventionally, projects have limited alternatives to raise funds after their IDO. Most projects will raise funds via OTC deals with institutional partners, which sometimes present them with less-than-favourable sales terms due to the illiquidity of such deals.
Waggle saw these pain points and noticed the fervour of the communities of these projects. Waggle was therefore born to bridge this market inefficiency and facilitate fundraising through the project’s very own community. Not only is Waggle unlocking liquidity for projects to further their innovation, but the company will also bring deals, previously exclusive to institutional investors, to the community.
A representative at VC fund AU21 says, “As the crypto market booms, and technological innovation within the sector reaches new heights, we feel that it is patently important for locked and restricted tokens to be valued in public markets. The Waggle Network introduces much-needed liquidity to assets held by project teams while keeping a close eye on project quality for prospective investors.”
A representative at Genblock Capital adds, “The inability to unlock value from vested tokens is a challenge shared by many project founders and early supporters. Genblock are excited to be supporting the team at Waggle, who are building the protocols and tools that will enable project founders to access capital from their illiquid vested tokens. This will provide a new source of funding for early stage projects, as well as widen access to exclusive private sales for the retail community.”
Waggle will be announcing more details soon around upcoming challenges, airdrops, IDOs, and liquidity mining programs designed to provide a strong go-to-market launch for the company.
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