Tectona expands investment activity: enters into $ 5 million collaboration and investment in blockchain Fuse Labs | Tectona and Fuse Network, the developer of the FUSE LABS blockchain network, have signed a binding agreement under which Tectona will provide Fuse with a $ 5 million share-converting loan, appoint a representative to the company’s board of directors and assist it in business | Tectona will receive up to 32.5 million tokens (coins) of Fuse, depending on the achievement of the business objectives in the contract
Aaron Suissa 08.05.2022
The digital assets company Tectona today announces the signing of a significant and strategic $ 5 million investment deal with Fuse Labs, which is developing an innovative blockchain-based payment network platform.
As part of the deal, Tectona will provide Fuse with an interest-free loan of $ 5 million, which will be converted into a future round of Fuse raising at a discount of 30% or at a company value of $ 100 million after the money. At the same time, Tectona will appoint a representative on its behalf to the board of directors of Fuse, will work to register Fuse’s digital currencies on the leading trading platforms for crypto, and will assist it in business and marketing.
In addition, Tectona will receive up to 32.5 million tokens (Fuse’s digital currency), which are currently traded at a price of about 21 US cents per coin. 17.5 million tokens will be released linearly monthly over 3 years, and up to an additional 10 million tokens in exchange for consulting and business development services for Fuse. In addition, Tectona receives an option to purchase an additional 5 million tokens at a cost of $ 1.5 per token, up to two years from the date of signing the agreement.
Tectona’s Chairman, Yariv Gilat: “The investment in Fuse will create a high synergy with Tectona’s operations, and is a key part of our active investment portfolio in the field of digital assets. We estimate that in the coming years the uses of blockchain technology will expand, and the value of the infrastructure companies in the field will increase accordingly. “
Tectona CEO, Yossi Barnea: “A strategic deal for Tectona, which enters into its first investment in layer 1 with proven technological capabilities.”
Fuse Labs is building a smart contract-based payment network designed to lower costs and remove barriers to entry by an innovative business model. The network is an open service without borders, accessible to any user and operated by partners from all over the world, who maintain and build the network. The network does not sell code or private information, but charges a low fee for Peer to Peer (P2P) transmission which is paid at Token Fuse. The network’s goal is to make the world of blockchain payments accessible to regular and business users, while creating an alternative to cash and credit and clearing companies.
Tectona is an Israeli public company operating in the field of digital assets and blockchain. Among the leading figures in tectona are Yariv Gilat, one of the leading high-tech investors in Israel, a former Final CEO, a pioneer in the field of algorithmic trading, Guy Ben-Artzi, a serial blockchain entrepreneur and one of the founders of Bancor – Crypto Global Trading Platforms, Bnei Hakak ) A senior figure in the crypto industry and a prominent technology entrepreneur, and Tal Muskel (CTO), one of the leading figures in the Israeli digital assets industry. Tectona’s CEO is Yossi Barnea, an expert in the field of finance and former VP of investments at the Delek Group. The company has members of the board of directors and consultants from the best investment and technology people in Israel.