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23 June 2021

Flare Network Raises $11.3m in Funding Round With Kenetic and DCG - Decrypt

Flare Network Raises $11.3m in Funding Round With Kenetic and DCG - Decrypt


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Smart contracts platform Flare Network has raised $11.3 million in a funding round led by Kenetic Capital, with firms including Coinfund and Grayscale parent company Digital Currency Group participating.

Its own native token, Spark (FLR), functions as a governance token, letting users vote on issues such as which new network to integrate with collateral for the trustless issuance of coins from networks that don't support smart contracts.

Philion added that it should be "easy to add" additional assets through governance votes; they will use "almost identical smart contracts just with maybe some parameter changes."

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