Hamburg, November 4, 2021 - The investment company coinIX GmbH & Co. KGaA, which specializes in investments in digital assets and blockchain technology, is expanding its portfolio by partnering with Pendulum and acquiring a position in the PEN token.
Pendulum raised $5m from an oversubscribed private sale round of the upcoming PEN token with strategic partners from all over the world. Among the other presale participants were LD Capital, Duck DAO, 6K Starter, CRT Capital as well as high-profile angel investors like Daniel Masters and Shiyan Koh (Hustle Fund). The capital raised through the private sale will be used to continue building Pendulum, a blockchain that bridges the gap between fiat and decentralized finance ("DeFi").
Pendulum is a blockchain that aims to establish the missing link between fiat and the DeFi ecosystems.
SatoshiPay has experienced a need for this kind of blockchain first-hand when building its money transfer service DTransfer. Meinhard Benn, CEO of SatoshiPay, comments: "It felt appropriate for us to step up and build Pendulum to connect the world's currencies to decentralized finance. The last few months have already been an amazing journey for Pendulum from the initial idea to prototype and the successful private presale of PEN, and we are of course only at the very beginning."
The blockchain was kickstarted in May 2021 with an R&D grant from the Stellar Development Foundation. The first prototype of Pendulum, which features a bridge to Stellar and an automated market maker (AMM) is now available on the internal Pendulum testnet.
With Stellar's 15+ fiat tokens and local integrations into the traditional banking infrastructure, Pendulum's smart contract capabilities, and bridges to Ethereum and Polkadot, the DeFi ecosystem will have access to the immense forex liquidity. Stellar-based services will be able to utilize all the different types of DeFi protocols with a focus on fiat tokens, including automated market makers (AMMs) that enable foreign exchange without middlemen, or lending protocols for instant on-demand liquidity in different currencies.
The next steps for Pendulum are public testnet and mainnet, the introduction of sophisticated smart contracts to the Stellar network while simultaneously adding a set of robust fiat assets to the Polkadot/Kusama ecosystem. As the Pendulum project is growing at a significant pace, the team is looking for additional developers.
Susanne Fromm, CEO at coinIX is excited to be supporting Pendulum as an early investor: "Pendulum is creating bridges between fiat stablecoins in the Stellar network and the Ethereum and Polkadot ecosystems. This provides DeFi yield opportunities to new user groups and further promotes the mass adoption of decentralized financial systems."
The coinIX GmbH & Co. KGaA was founded in Hamburg in 2017 as an investment company to build up expertise in the area of blockchain technology and crypto currencies as well as in the analysis, acquisition and management of digital assets. The coinIX team consists of specialists with many years of experience in asset management, venture capital and in the analysis of new technologies. coinIX invest via equity participations or by taking positions in virtual currencies including SAFTs. The company has made more than 40 investments to date. The company's shares are listed in the open market of the Dusseldorf Stock Exchange (ISIN DE000A2LQ1G5). www.coinix.capital
Pendulum is an open-source blockchain built on the proven Parity Substrate framework that aims to establish the missing link between fiat and the DeFi ecosystems through a sophisticated smart contract network.
Pendulum will connect DeFi to the foreign exchange market, building automated market makers (AMMs) to introduce scalable liquidity pools for fiat currencies, and create yield earning opportunities for fiat token holders.Website: pendulumchain.org