2 months ago 2 min read

Avalanche Blizzard Eco-Fund Makes Strategic Investment in Acumen Network

avalanche-acumen network

The Avalanche Blizzard eco-fund provided a strategic investment, according to Acumen Network's most recent release.

“We are pleased to announce that Acumen Network has received a strategic investment from the team at Blizzard, The Avalanche Ecosystem Fund. With our unique methods of bringing the world of DeFi and traditional finance together, as well as our dedicated team, we are confident in our ability to deliver cheaper access to capital for SMEs in emerging economies.”

The money will be used to deploy over numerous EVM Compatible networks, including NEAR and FUEL, and to create a global expansion strategy.

In the past, Acumen has provided small and medium-sized enterprises in El Salvador with loans totaling more than $250k. They are prepared to establish deposit pools of up to $20 million through a test launch, beginning on the Avalanche platform.

El Salvador and Acumen teamed up in June 2022 to provide SMEs $10 million in cryptocurrency loans at 6-7% interest or possibly 10% over the course of a year.

The Acumen Microfinance Responsive Dapp Project Built on Solana links cryptocurrency with conventional banking, enabling DeFi users to earn alluring, consistent, and uncorrelated profits while fostering an atmosphere of equality where Small and Medium Enterprises (SMEs) and entrepreneurs can thrive. The initiative enables depositors of all sizes to engage with the microfinance industry.

The project asserted that it was unaffected by the FTX issue after it occurred, but it nonetheless took a picture of all $ACM token holders on Solana. When the new token on the EVM chain becomes available, all holders of this unlocked $ACM token will also receive one. The same rules will apply to all holders of locked fairlaunch tokens.

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