Following a highly competitive draw Convergence Finance, has announced 1,000 people have been chosen to take part in its listing on decentralized capital raising platform, Polkastarter, this Thursday.
The community lottery to win a chance to participate in the capital-raising initial dex offering was intense. With tens of thousands of people securing entries in the draw following the project’s whitelisting earlier this month.
Over the weekend, the Convergence Finance team randomly selected more than 1,000 winners. They will now be able to take part in the fundraise when it launches on Polkastarter on March 25.
The team is aiming to use the sale, across Polkastarter’s general and POLS fundraising pools. This is to generate $300,000 in the capital, as it pushes to launch its platform more widely.
Writing on the project’s Medium page, the team congratulated the winners. Also, reminded them to complete the know your customer requirements within 48 hours, or risk losing their spot.
“The Convergence team is excited to announce that the whitelist emails are sent to over 1000 community members,” they said.
“There are 1000+ winners which need to complete their KYC within 48 hours of receiving the email. In case some winners do not complete the KYC on time, we may draw for other lottery winners to replace the spot.
“We thank everyone in the community for your patience and participation in our whitelisting process. As always, stay connected and good luck everyone.”
Convergence Finance is working to bring real-world asset exposure to DeFi. The appetite for real world asset exposure (in particular unicorn companies that are still private) continues to grow in the DeFi space.
The platform uses its own token wrapping module and automatic market maker (AMM) ecosystem. This is to help Defi users swap between wrapped security tokens and utility tokens. Additionally, they can also integrating wrapped security tokens on any of the DeFi money platforms.
Countdown to the sale
Convergence Finance will list two token sale pools on Polkastarter on Thursday, March 25. A general pool and a POLS pool, which is open to people who hold a certain amount of Polkastarter’s native POLS token.
In total there will be 60 million CONV tokens available for sale.
Polkastarter allows projects to decentralize the way they raise capital, and has been designed for cross-chain token pools and auctions, helping projects to raise funds using its decentralized interoperable platform, that is based on Polkadot.
The Convergence Finance project is backed with investment from Hashed, Alameda Research, CMS, NGC Ventures, Divergence Ventures, Genesis Block Ventures, Kenetic Capital, Hash Global, DuckDAO, Soul Capital, Mr. Liang Xin Jun (Fosun Group Co-Founder), Paul Veradittakit (Partner of Pantera Capital), Morningstar Ventures, BlackEdge Capital, Block Dream Fund (investment institution under OKEx), LongHash Ventures and AU21 Capital.