Convergence Finance, the decentralized asset protocol, has completed its community draw ahead of its initial dex offering on Polkastarter.
Announcing the winners on its Medium page, the Convergence Finance team said the draw to win a chance to take part in the sale had been hugely popular with its community, attracting thousands of entries from people who went through the whitelisting process to win an opportunity to participate.
The lottery selected 1,000 winning entries, and the Convergence Finance team is now working hard to message winners and ensure they all go through a rigorous KYC process before they can join the IDO sale, which starts this Thursday on Polkastarter.
More than 10 times the number of applications expected were received, and the team spent the weekend contacting winners and advising them of the next steps.
Writing on its Medium page, the team said:
“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.”
People who have been selected for the draw now have 48 hours to complete the know customer requirements. Once completed, they will be able to participate in the sale of the $CONV token, as the project aims to raise $300,000 in capital.
Convergence Finance is working to bring real world asset exposure to DeFi, and says 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 to help DeFi users swap between wrapped security tokens and utility tokens, while also integrating wrapped security tokens on any of the DeFi money platforms.
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.