Fuse Labs receives $5 million investment from publicly traded digital asset firm, Tectona
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The $5 million raised will be used to fuel the development of Fuse Charge, a brand new SaaS product on Fuse Network, which enables developers to rapidly build applications capable of processing payments at scale and significantly reducing the heavy labor required to the implementation of blockchain payments. Key objectives include providing high quality, robust, non-custodial middleware ready for mainstream adoption by merchants and consumers; building a knowledge center for smart contract developers in Israel and implementing smart contract innovations for the payments industry.
“We plan to hire top blockchain developers to build a global leader in blockchain payments. With the help of Tectona, we will build a local knowledge center for smart contracts for the payments industry. » – Fuse CEO, Mark Smargon.
By partnering with Tectona and leveraging their regulatory assistance and business development support, Fuse aims to change the Israeli attitude towards crypto. Fuse Labs is also exploring creating an Israeli-Shekel stablecoin that can work in the local fintech sandbox enabling myriad use cases that were previously impossible.
The agreement was concluded via the provision of an interest-free loan convertible into future shares as part of a capital increase by Fuse Labs. Fuse tokens (FUSE), the native currency of Fuse’s business-friendly blockchain, were also awarded as part of the deal.
Fuse has grown exponentially over the past year, amid growing demand for blockchain payments across the web3 space, which has led to the successful deployment of several real-world implementations on the platform by brands such as BonDollar, Peep, Communityand bitazza.
Tectona is led by a team of stellar entrepreneurs, including well-known Israeli finance figure and chairman of several crypto companies, Yariv Gilatand Bancor co-founder Guy Ben Artzi, now chief architect at Tectona.
“Fuse has been working under the radar for 3 years and has built a community and network of businesses and people around the world who believe blockchain payments are ready for prime time. A great choice for Tectona and a partner for a long time for our vision. – President of Tectona, Yariv Gliat.
“We saw a great opportunity to join and build with Fuse thanks to the growing demand we have at Tectona for payment services that can finally mainstream blockchain-based applications. We are thrilled to support Fuse Labs and the Fuse Network in realizing its vision. – Chief architect at Tectona, Guy Ben Artzi.
About the fuse
Fuse is a web3 payment platform offering a fast and inexpensive blockchain, suitable for businesses and consumers, ready for mainstream adoption.
Tectona Ltd is one of the largest publicly listed companies in Israel, dedicated to creating, trading and investing in digital assets.