The $5 million raised will go toward the development of Fuse Charge, a revolutionary new SaaS solution on the Fuse Network that allows developers to quickly construct apps that can process payments at scale while drastically reducing the amount of heavy lifting involved in implementing blockchain payments. Providing high-quality, resilient, and non-custodial middleware that is suitable for mainstream adoption by merchants and consumers, as well as creating a knowledge hub for smart contract developers in Israel and implementing smart contract innovation for the payments sector, are all key objectives.
Fuse CEO, Mark Smargon said: “We plan to hire the best blockchain developers to build a global leader in blockchain payments. With Tectona’s help, we will build a local knowledge center for smart contracts for the payments industry.”
Fuse hopes to shift Israeli attitudes around cryptocurrency by teaming with Tectona and leveraging their regulatory aid and business development support. Fuse Labs is also looking into creating an Israeli-Shekel stable coin that can be used in the local fintech sandbox, allowing for a variety of previously inconceivable use cases.
The agreement was reached through the supply of an interest-free loan that is convertible into future Fuse Labs shares in a capital raise. As part of the deal, Fuse (FUSE) Tokens, the native currency of Fuse’s business-friendly blockchain, were also distributed.
Fuse has seen explosive growth in the last year, because to rising demand for blockchain payments across the whole web3 arena, which has resulted in the successful deployment of various real-world implementations on the platform by brands such as GoodDollar, Peepl, Comunitaria, and Bitazza.
Tectona is led by a stellar team of entrepreneurs, including Yariv Gilat, a well-known Israeli finance figure and chairman of several crypto startups, and Guy Ben Artzi, cofounder of Bancor and now Chief Architect of Tectona.
Chief Architect at Tectona, Guy Ben Artzi: “We saw a great opportunity to join and build with Fuse thanks to the growing demand we have at Tectona for payments services that can finally bring blockchain-based applications to the mainstream. We are excited to support Fuse Labs and the Fuse Network in making its vision a reality.”