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Crypto exchange ‘Crypto.com’ is leading a $ 18.9 million funding round for Enjin’s new NFT blockchain platform.
Enjin recently announced this news with DFG Group, BlockTower and Arrington XRP Capital and a few other investors during a private sale.
Called “Efinity”, the platform is an NFT blockchain built on top of Polkadot, which is expected to provide greater scalability for those participating in the NFT space.
The specifications of this NFT blockchain are revealed to be capable of processing transactions every six seconds. Additionally, the project team plans to use a Proof of Stake to achieve scalability up to 1,000 transactions per second.
In addition to scalability, Enjin will also look to design cross-chain interoperability in the NFT space.
Hence, Enjin is working on a new token standard called “Paratoken”, which aims to provide cross-chain functionality for the NFT. With Paratoken, market participants will be able to connect digital collections from other blockchains to the Efinity ecosystem.
The Efinity blockchain will also have its own native token called Efinity Token (EFI). Enjin Coin (ENJ) holders can stake ENJ to earn EFI, which is used as a fee to process transactions on the NFT network.
EFI will also act as the governance token for the Efinity community.
Enjin Coin has seen remarkable growth in the first three months of 2021, thanks to a growing interest in the NFT. Particularly, ENJ has increased by more than 8 times in March and has increased by more than 1,700% so far.
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