Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => DeFi tokens => Topic started by: ranaprime on June 16, 2021, 06:56:42 PM
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Goldfinch, a decentralized protocol enabling crypto borrowing without crypto collateral, has raised $11 million in a Series A funding round led by venture capital giant Andreessen Horowitz, known as a16z.
The San Francisco-based company allows unsecuritized borrowers to benefit from DeFi lending that would otherwise be beyond their reach because of high collateral preconditions. The capital infusion will allow Goldfinch to build a community of lenders and borrowers who can use the protocol, to widen awareness and for hiring.
“We’re super excited to partner with a16z and other backers who share in our vision,” the company said in announcing the funding and the release of a new white paper. “This gives us the resources we need to build on the protocol’s momentum.”
mong the other investors in the round were Mercy Corps Ventures, A Capital, Access Ventures and Divergence Ventures, and several individuals. “They’re a range of folks from the crypto space and tech startups to experts in emerging markets,” Co-Founder Mike Sall told CoinDesk. “We wanted our investor base to reflect that we’re a bridge from crypto to the real world.”
In launching the protocol last December, Sall and Co-Founder and CTO Blake West, who met at the University of Pennsylvania and worked together at Coinbase, were looking to make crypto borrowing more accessible, particularly to individuals and businesses in developing countries with fewer tangible assets to address typical collateral requirements. “The real promise is providing access to capital that is not being served in these markets,” Sall said.
Goldfinch’s community of lenders are a mix of crypto enthusiasts, crypto and credit funds and professionals with traditional financial services experience.Source (https://www.coindesk.com/goldfinch-series-a-funding)