Zignaly, a crypto social investment platform, managed to receive close to $ 50 million investment in the financing deal. With the news being heard in the crypto market, the altcoin price has increased by over 20% at a time when major cryptocurrencies were painted red. For details cryptocoin.com keep reading.
Zignaly signs $50 million financing deal
Zignaly has signed a financing agreement of up to $50 million with GEM Global Yield LLC SCS, a fund of Luxembourg-based alternative investment group Global Emerging Markets (GEM). On the subject, Bartolome Bordallo, CEO of Zignaly, made a press release and said:
This funding from GEM will enable the company to drive significant new product development and global adoption of the Zignaly platform. Thus, we will be able to empower the masses with a much better investment method.
Zignaly aims to provide actively managed investment services where users can invest with expert crypto traders and managed funds. An important detail is that investors on this platform only pay fees if they make a profit. The company says the platform lowers barriers to entry for investors looking to add digital assets to their portfolios, leaving risky trading and decision making to expert traders and funds.
Altcoin snatched investments, price skyrocketed
The Zignaly infrastructure supports sales and initial DEX offerings (IDO) on a number of Blockchains, including Ethereum, Polygon, Solana, Avalanche, and BNB Chain (formerly Binance Smart Chain). The platform is also powered by the native Zigcoin (ZIG) token. According to the company, more than 300 traders and fund managers, including members of the Zignaly platform, have invested more than $120 million in their portfolios.
With the news of the investment heard, the altcoin price surged by over 20%. Zignaly’s local token, Zigcoin (ZIG), which ranks 701th in terms of market capitalization according to CoinMarketCap data, was trading at $ 0.06188 at the time of writing. However, the altcoin is 71.5% away from its all-time high of $0.2129, which it saw about 6 months ago.
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