KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, has announced its co-lead investment in LiquidFactory.io, a startup that is building a privacy network with native encrypted cross-chain communication.
The $1.25 million fund raise also attracted backing from VC firms including IDG capital, CDH VGC, Lapin.Digital, Ascensive Assets, and Acheron Trading.
Aviv Farhi, COO of LiquidFactory.io said:
“LiquidFactory.io will be using this investment to launch its first product BIDSHOP.io,”
LiquidFactory.io’s first product, BIDSHOP.io, is an NFT auction-style marketplace that introduces game theory elements into the traditional NFT auction process.
Bidders on the platform will be able to hide their bids from others in a decentralized and trustless manner using the platform’s encryption layer — allowing for additional liquidity streams for NFTs. Bidders will also be able to acquire rare NFTs at a discount from their listing price.
The BIDSHOP testnet platform is scheduled to launch on Dec. 7 and will include giveaways and prizes to attract users and testers. KuCoin Labs will be advising LiquidFactory.io on various aspects such as business strategy, fundraising, marketing, and go-to-market strategies.
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