Flare Network partners with Lena on CloudFunding launchpad

Flare Network, a decentralized blockchain system that uses its own consensus protocol, is joining forces with Lena Instruments to launch a novel crowdfunding launchpad.

Dubbed ‘CloudFunding,’ the crowdfunding platform is designed to support fundraising campaigns under a reward-based modality in a decentralized market and without intermediation. With security, transparency and a unique user experience in mind, the launchpad provides contributors with exclusive access to carefully curated crypto projects and unique benefits, while retaining custody of their principal investment.

Before a project goes into the CloudFunding Launchpad, the project goes through a rigorous review process to determine if it meets its due diligence requirements. This approach not only helps quality projects fundraise, but also enables crypto investors to discover them at early stages before they get to the mainstream.

Missing out on innovative offerings before they get significant amounts of traction means investors are leaving out massive returns on the table. However, investing in the unregulated crypto ecosystem without having a vetting process in place makes you vulnerable to fly-by-night scams and rug-pulls.

CloudFunding takes care of its crypto users with necessary protections to avoid cautionary tales of failures and frauds. Specifically, contributors can dedicate anything from 1% to 100% of the rewards their principal generates to fund the projects they believe in, all while retaining their original investment.

In return for their contributions, users will have access to an IOU of the project’s token, available before the token generation event, which will be listed by a number of Flare’s decentralized exchange partners. These IOUs can then be freely exchanged without needing to wait for the project’s native token to be distributed.

Hugo Philion, CEO & Co-founder of Flare, said: “By using the Flare Time Series Oracle as the mechanism for contributing to exciting new projects, CloudFunding creates a win-win-win situation. Flare obtains another FTSO provider that’s highly incentivized to provide accurate price data to the network; new projects get early access to community funding and support; and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.”

Laura Moreby, Head of Communications and spokesperson for Lena Instruments, said: “Lena Instruments, being a major token holder in Flare, is of course committed to its long-term success. It is therefore only natural for Lena to utilise its know-how and engineering talent to design new products that we hope will contribute to the development of Flare and appeal to the public. Contributors can, without ever having to sell their FLR or SGB, keep up to date with developments, deliverables, and milestones made possible by their contributions.”

CloudFunding provides users with first-look access to promising blockchain projects without risking unnecessary losses thanks to top-notch security that extends to token sales. CloudFunding also provides support such as community forums, networking, legal advice, smart contract audits and other financial services to projects through Lena Instruments’ experts. Moreover, projects are guaranteed instant liquidity through partnering DEXs the moment their CloudFunding campaign concludes.

In current crypto launchpads, contributors simply decide how many tokens they wish to allocate in support of the initiative. CloudFunding contributions instead come from the rewards earned by contributors’ wrapped FLR/SGB capital, a model that ensures contributors will always hold onto their principal investment.

CloudFunding is one of the many products Lena, a Swiss blockchain software and infrastructure firm, will be releasing over the next few months on Flare and Songbird.