Enjin secures $18.9M funding for Polkadot-based NFT blockchain

Enjin secures $18.9M funding for Polkadot-based NFT blockchain


Crypto exchange platform Crypto.com has reportedly led an $18.9 million private funding round for Enjin’s new NFT blockchain platform.

Enjin announced the news on Wednesday with DFG Group, BlockTower and Arrington XRP Capital among other investors in the private sale.

Dubbed “Efinity,” the platform is an NFT blockchain built on Polkadot that will reportedly offer greater scalability for participants in the expanding NFT space.

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Detailing the technical specifications of the new NFT blockchain, the announcement stated that Efinity will have an initial throughput capacity of processing transactions every six seconds. The project team plans to utilize proof-of-stake consensus to achieve scalability to the tune of 1,000 transactions per second.

Apart from scalability, Enjin will also look to engineer cross-chain interoperability in the NFT space as part of efforts to create a true NFT metaverse.

Thus, Enjin is working on a new token standard called “Paratoken” touted to deliver cross-chain functionalities for NFTs. With Paratokens, market participants will be able to bridge digital collectibles from

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