Dragonfly, Scalar are backing a startup that calculates DeFi 'credit scores'

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An upstart crypto project is looking to add a bit more trust to the generally "trustless" market for decentralized finance.
ARCx revealed its new "DeFi Passport" Tuesday. With the DeFi Passport, users can leverage their on-chain activity to prove their creditworthiness and thus qualify for additional benefits across various crypto protocols — similar to how high credit scores can help investors clinch lower rates.
The project has clinched the backing of a number of big investors in the crypto market, including Dragonfly Capital and Scalar Capital. Those crypto funds poured $1.3 million in a recent round for the firm alongside LedgerPrime. To date, the project has raised $8.2 million.
A user's passport score will be based on a scale from 0 to 999, with the 999 score "being the most lucrative," according to a press release.
In an interview with The Block, ARCx founder Kerman Kohli said that projects can leverage the product to offer high score DeFi-era higher allocations or more leverage. "You can create a yield farming strategy that only targets users with the highest score," he said. Source