Zignaly Announces Cosmos-Based ZIGChain, $100M Ecosystem Fund

ZIGChain's ecosystem fund is backed by DWF Labs.

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  • Zignaly has launched ZIGChain on Cosmos and announced a $100 million fund.
  • The company was recently awarded a crypto license in South Africa
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  • Decentralized social-investing marketplace Zignaly announced the ZIGChain layer-1 blockchain on Cosmos and a $100 million ecosystem development fund.

    The fund will focus on developing wealth-generation infrastructure that is effortless from the user's perspective, the team said at Token2049 in Dubai.

    Zignaly is something like a crypto fund manager, and allows users to copy trades from professionals. It was recently awarded a crypto license in South Africa for discretionary financial-service provision, equivalent to those issued for fund managers in traditional finance.

    “ZIGChain will allow builders to concentrate on doing what they do best: building, with wealth managers forming a layer of power users and then acting as a conduit between the protocol and its user base," DWF Labs Managing Partner Andrei Grachev said in a statement. “This rare confluence of developers, wealth managers, and users has never been attempted at this scale and in a decentralized manner."

    Ziganly's mission, the firm says, is to create a world where any user, regardless of their prior knowledge of digital assets or how to profit from them, can easily engage in decentralized finance (DeFi) by simply pressing an "invest" button.

    “The wealth-management layer within ZIGChain shall allow a truly effortless user experience by building a wealth management service on top of any DeFi protocol, no matter how complex it is,” Torben Jorgenson, a partner at UDHC, which also participated in the round, said in a statement. "We are excited by the vision, and hence, becoming part of the ecosystem fund was a no-brainer.”

    Edited by Sheldon Reback.

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