LBank Labs Injects Capital into Furion to Drive NFT Innovation

Road Town, British Virgin Islands, June 22nd, 2023, Chainwire

LBank Labs, a renowned venture fund specializing in blockchain and cryptocurrency investments, is thrilled to announce its recent investment in Furion, a groundbreaking non-custodial and permissionless NFT utility platform.

Furion addresses a significant challenge in the NFT ecosystem, where non-fungible tokens often suffer from low utilization and limited liquidity. Furion enables the fractionalization of NFTs into corresponding ERC20 tokens. These tokens can be freely traded and farmed on the Furion platform, opening up a world of financial possibilities such as borrowing, lending, and long and short positions.

Other technical strengths of Furion’s platform include the transformation of NFTs into fungible tokens through smart contracts. This enables collateralized lending between NFTs and mainstream ERC-20 tokens, leveraging peer-to-pool (P2P) operations and calculation logic. By adopting this approach, Furion significantly increases the capital utilization rate of collateral while reducing the risk exposure for lenders through the spread of collateral volatility.

Additionally, Furion’s integration of an automated market maker (AMM) trading pool enhances liquidation efficiency, ensuring smooth and efficient trading experiences for users. Moreover, the platform enables short selling of NFTs, allowing users to borrow NFT assets by staking stablecoins, selling them at the current market price, and repurchasing them at a lower price to close their positions and make a profit if the NFT asset price falls.

The investment of crypto exchange LBank’s venture fund in Furion comes at a time when the NFT market is undergoing rapid growth, with various NFT projects emerging. Recognizing the long-term potential and swift adoption of NFTs, LBank Labs is committed to supporting innovative solutions that contribute to the growth and maturation of the NFT market economy and infrastructure.

With $100 million in assets under management, LBank Labs brings financial resources and a global network to Furion. In return, Furion will provide value to Labs, leveraging their expertise and strategic insights for mutual growth. “The dynamic and passionate team of Furion brings a wealth of experience and research in the NFT finance domain. Through our interactions with the Furion project team, we gained a deep understanding of the

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Author: Crypto Daily

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