- Summary:
- KuCoin Ventures has announced a strategic investment in Torches Finance. What implications will it have on the lending protocol?
Torches Finance has received a strategic investment from KuCoin Ventures, the investment arm of the KuCoin cryptocurrency trading platform. Torches utilizes the KuCoin Community Chain (KCC) as the foundation for its lending mechanism. Leveraged mining, NFT, and lending are all part of the services by the protocol.
The Torches Finance platform envisions users getting token benefits through various channels, including but not limited to providing liquidity, lending, and taking part in governance, amongst other services. In line with its mission, KuCoin Ventures wants to invest in the most innovative and disruptive blockchain and cryptocurrency ventures of the Web 3.0 age.
What the KuCoin Ventures’ investment brings to Torches Finance
Following the investment, KCC also announced that it would continue to incubate Torches and integrate it into the KCS ecosystem. A point mining event for Torches will begin in the third quarter of 2022. Torches tokens have a predetermined conversion rate for “Torches points” upon release. When users deposit assets or take out loans through Torches Finance, they are eligible to earn TOR tokens. The tokens can then earn them decent returns over time.
Additionally, Torches Finance plans to enhance and improve current services while expanding the breadth of its product offerings. This is all in an effort to maximize investors’ return on their invested capital. Up to this point, the Torches Finance platform has provided deposit and loan options for BTC, ETH, KuCoin Token (KCS), and USDC stablecoin. Also, a “Supply and Borrow to Win” promotion is going on right now at Torches! The Torchlight NFT’s whitelist will be awarded to participants participating in the competition.
To expand use cases, Torches Finance has implemented innovative and rigorou token reward mechanisms and risk management procedures. Additionally, it will continue to collaborate with DeFi initiatives on the KCC in order to create the KCC DeFi ecosystem in tandem.