DeFi Lending Platform Algofi Closed $2.8 Million Seed Funding Round
TokenInsight news that Algofi, the Algorand-based DeFi lending platform, has closed a $2.8 million seed round led by USV, ArringtonXRP Capital and Pillar, with participation from Y Combinator, Formulate Ventures and Shine VC. It will be launched in mid-December at the Al Alamy. It will launch its main network on Algorand in mid-December.
Algofi is said to be building the first native crypto bank powered by DeFi. Users can deposit or lend cryptocurrencies through Algofi, earning interest on deposits and facilitating complex trading activities. In addition, Algofi is building a cross-chain bridge that will enable users to freely transfer tokens into and out of the Algorand network.