Retail DeFi Startup Cryption Network Raises $1.1M in Private Round

By Chainwire

May 25, 2021 – Tortola, British Virgin Islands

Cryption Network, a user-friendly DeFi platform built for retail users, has completed its latest funding round after raising $1.1 million.

The project welcomed investment from a slew of well established private investors including Master Ventures, CMS Holdings, GravityX Capital and GenBlock.

Additional capital came from Ascensive Assets, X21 Digital, AU21, WaterDrip and angel investors like Polygon co-founder Sandeep Nailwal and Fetch.ai CEO Humayun Sheikh. The round was co-led by Master Ventures, GravityX Capital and CMS Holdings.

Tejas Chitnis, CEO of Cryption Network, said,

“This round illustrates a high degree of confidence in our project from the crypto community, and validates our vision for Cryption Network and DeFi moving forwards.

We are humbled to have received such unprecedented demand from investors and support for the ecosystem.”

Cryption Network offers a suite of products for retail investors who are alienated by the complexity and volatility of the crypto market, as well as the pain points of decentralized finance.

An integrated ecosystem with a focus on layer-2, Cryption’s products include PolyDEX – L2 Swap, Elastic Farming and a Seer-Prediction Market, as well as its own mobile application on iOS and Android. Cryption also supports NFTs.

Through its dedicated network, the platform enables Ethereum users to utilize diverse DeFi primitives launched on the Polygon blockchain. As such, users can benefit from innovative solutions and products without actually migrating blockchains.

This will enable innovators and developers to participate in open innovation from anywhere, without having to endure high network congestion and excessive fees.

The Cryption app functions as a digital wallet and DApp browser for both Ethereum and Polygon, and has been designed to ensure smooth onboarding for new users. To this end, Cryption will eliminate gas fees altogether, enabling users to use blockchain apps without worrying about cost.

About Cryption Network

Cryption Network was created to promote crypto adoption by onboarding regular retail users. Launched on Polygon (formerly Matic), Cryption offers a suite of user-friendly products that allow users to swap, farm, invest and predict, without having to endure heavy network congestion or pay high network fees.

Contact

Tejas Chitnis, CEO of Cryption Network

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