Interoperability-centric blockchain Flare Network reportedly forged an alliance with software infrastructure firm Lena Instruments to release a crowdfunding mechanism reducing risks in startup investing. 

Specificially, Lena Instruments reportedly issued an announcement of what it referred to as a “CloudFunding” launchpad, which allows Flare investors to dedicate a proprtion of the rewards that they earned to investments in new crypto startups, without moving their initial investments.

Besides offering a low-risk investing gateway for its contributors, the platform further looks to assist initiatives that have rolled out on the platform to have regular cash flows during the reward distribution periods.

Hugo Philion, the Head of Flare Network, reportedly shares a belief that the new mechanism is a proper measure for developers to obtain early access to community funding. 

His explaination detailing that this forms a “win-win situation” for all parties associated.

“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.” 

In July, decentralized exchange (DEX) Pangolin reportedly finalized its official introduction on the Flare blockchain, establishing new cross-chain token pairs and amplifying the liquidity of the network. The DEX enables Flare-based decentralized applications (DApps) to add a direct token swaps feature to their inititatives.

Meanwhile, Web3 is viewed as an appropriate measure to solve the budget woes of content creators because of its inherent features. Mehmet Eryılmaz, the Head of Faro Company claimed that Web3 relieve content creators off of the shackles bound by traditional gatekeeping and is a great different approach for crowdfunding entertainment initiatives.

Laura Moreby, an executive at Lena Instruments, reportedly disclosed that their entity, which is a top-tier Flare holder, will carry on with providing its support to the project. 

“CloudFunding is a modern, decentralized launchpad that will allow the community to support the best possible projects within the ecosystem, having been carefully curated by the platform”.