Mask Network invests in Convergence to joint hands on Initial Twitter Offering (ITO) and Wrapped Security Token (WST)
- Mask Network has invested and partnered with decentralized interchangeable asset protocol Convergence to broaden the open financial system. Mask Network’s founder & CEO, Suji Yan, will be joining Convergence as an Advisor.
- As part of the partnership, projects on Convergence could conduct Wrapped Security Token launchings through Initial Twitter Offering provided by Mask Network and tradeable in the Convergence AMM pool.
- Mask Network and Convergence believe the partnership will bring greater market value and boost both platforms’ useability.
Mask Network has recently announced investment and partnership with the decentralized interchangeable asset protocol Convergence. These two projects will work together to create a broader and more open financial system through infrastructure building, wrapped security token launching, and cross-product promoting.
Mask Network has been dedicated to bringing DApps into traditional social platforms such as Twitter and Facebook to build a bridge between Web 2.0 and Web 3.0 for users. ITO (Initial Twitter Offering) stems from the foundation of IDO (Initial Decentralized Offering), the feature we launched recently is also based on such a vision.
Convergence is a DeFi protocol that focuses on real-world assets, particularly in private unicorn companies. Firms could take advantage of the massive liquidity in the DeFi space by minting Wrapped Security Token (WSTs) through Convergence. This partnership means that various projects could conduct WSTs launching through ITO, and subsequently allowing users to trade within the AMM pool of Convergence.
Apart from that, these two projects hope to develop more fun and creative functions on the level of DApps. Both companies believe that launching WSTs through ITO is a way of connecting real-world assets to open finance. By collaborating with Convergence, Mask Network expects to develop more Twitter features, such as direct swaps/payments of WSTs through Twitter integrating with Convergence’s liquidity pools. This move could essentially bridge the real-world assets space and the Web 3.0 universe, making money more social and financial services more open as users could send and swap tokens via Twitter direct messaging.
This consensus of cooperation between Mask Network and Convergence will bring up greater market value and application value for both products. Besides the investment, Mask Network’s founder, Suji Yan, will be joining Convergence as an Advisor. With the help of technology support and ideas unity, we have faith in empowering a more open financial system.
Oscar Yeung, Co-Founder of Convergence said, ‘We’re extremely excited to explore the synergies possible towards our mutual goal of enabling a more open, decentralized web where financial services are accessible to anyone.’
Convergence will be the first AMM to make real world asset exposure interchangeable in the DeFi space by connecting Wrapped Security Tokens (WSTs) with Utility Tokens on a single interface that is easy to use, adopt and composable with other DeFi protocols.
Convergence enables asset owners to access decentralized DeFi liquidity, while DeFi users can access real world asset exposure (such as in private / unicorn companies or exotic real world assets). The vision of Convergence goes beyond this by integrating with other DeFi legos to further enable new and creative use cases.
About Mask Network
Mask Network is the core product of Dimension, which is positioned to become the bridge that connects internet users from Web 2.0 to Web 3.0. The foundational technology of Mask Network is a peer to peer encrypted messaging application, with new functions continuously being created around this foundation. We at Mask Network are strong believers in the ownership economy. People should own what they produce, people should own their data, their attention and the virtual space they choose to contribute to.
Mask Network integrates decentralized social messaging, borderless payment network, and decentralized file storage and sharing to provide a safe and convenient portal for users to jump right into the continent of decentralized finance and then the new world of Web 3.0.