Ren Protocol is Trying to Find Alternative Funding Sources Alameda
It seems that Ren protocol lost its main source for funding after the collapse of Alameda (the sister company to FTX), in early 2021. According to reports, $700,000 was contributed by the trading company per quarter to the creation of the bridge protocol and crypto wrapper. Alameda appears not to have been added to the list of extant cryptocurrency companies. Ren will therefore be without funding until the end of Q4. A community call earlier this week revealed that Ren had approximately $160,000 in remaining funding. Ren protocol is currently looking for funding from other sources. The team revealed on Friday that they had been looking into different options with locals. These options will likely be put to the RenDAO community for their vote. It stated:
“As we continue to talk with investors, we will share the most promising opportunities for the community. A formal governance proposal would be presented to the community after ongoing discussions with the community about which opportunity seems most promising.
Ren protocol, an Ethereum-based DeFi protocol, issues tokenized versions crypto assets via the token wrapping method. These wrapped crypto tokens can then be used to bridge the Ethereum and BNB Smart Chains. Tokens can be sent from one network into another when bridging cryptocurrency. The team plans to introduce Ren 2.0, which is the most recent version, and to acquire new funding. The team stated that concerns about Alameda’s involvement in the Ren protocol should be dispelled due to the project’s accelerated rollout. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewTags: AlamedaDeFiEthereumFTXRen 2.0Ren ProtocolRenDAO