LBank Labs Injects Capital into Furion to Drive NFT Innovation
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 addresses a significant challenge in the NFT ecosystem, where non-fungible tokens often suffer from low utilization and limited liquidity. Furion enables the fractionalization of NFTs into corresponding ERC20 tokens. These tokens can be freely traded and farmed on the Furion platform, opening up a world of financial possibilities such as borrowing, lending, and long and short positions.
Other technical strengths of Furion’s platform include the transformation of NFTs into fungible tokens through smart contracts. This enables collateralized lending between NFTs and mainstream ERC-20 tokens, leveraging peer-to-pool (P2P) operations and calculation logic. By adopting this approach, Furion significantly increases the capital utilization rate of collateral while reducing the risk exposure for lenders through the spread of collateral volatility.
Additionally, Furion’s integration of an automated market maker (AMM) trading pool enhances liquidation efficiency, ensuring smooth and efficient trading experiences for users. Moreover, the platform enables short selling of NFTs, allowing users to borrow NFT assets by staking stablecoins, selling them at the current market price, and repurchasing them at a lower price to close their positions and make a profit if the NFT asset price falls.
The investment of crypto exchange LBank’s venture fund in Furion comes at a time when the NFT market is undergoing rapid growth, with various NFT projects emerging. Recognizing the long-term potential and swift adoption of NFTs, LBank Labs is committed to supporting innovative solutions that contribute to the growth and maturation of the NFT market economy and infrastructure.
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 aligns seamlessly with Labs’ distinct investing thesis, the “Platform, Standard, Ecosystem” proposition. This novel strategy breaks away from the conventional divisions in the blockchain industry, transcending the traditional views of technology-centric paradigms or sector-based categorizations. Furion’s NFT platform, characterized by its point-to-pool mortgage lending model and token fragmentation, perfectly embodies the platform aspect of Labs’ thesis. Additionally, Furion has the potential to become an industry standard, fulfilling the fundamental component of Labs’ investment proposition. Finally, Furion’s robust ecosystem of companies, developers, and engaged user communities exemplifies the ecosystem element that Labs seeks in its investments. On the ecosystem level, Furion has already established a healthy ecosystem, including associated companies, developers, and user communities. Furion actively engages with the global NFT community and promptly adjusts its products based on valuable feedback from the community. With its unique positioning in the NFT financialization space, Furion emerges as an ideal investment for Labs, aligning with their visionary investment approach and defying traditional categorizations within the blockchain industry.
The venture fund also aims to strengthen its commitment by building a comprehensive network of Fund of Funds to enhance portfolio performance and diversification. LBank Labs operates in seven global regions, fostering collaboration and innovation across borders.
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.