Folks Finance announced closing of financing round

Folks Finance announced this Thursday, January 20, through its Twitter account, the closing of its seed funding round of $3 million led by Borderless Capital.

Image about Folks Finance Twitter post

Folks Finance, the leading capital markets protocol for lending and lending built on the Algorand blockchain, announces the closing of its $3 million seed funding round, led by Borderless Capital with participation from Jump Crypto, ParaFi Capital, Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, the Algorand Foundation, and many others”, he said through an article published on the Medium platform.

The company explained that Folks Finance is the result of extensive research and engineering by Blockchain Italia, a blockchain software house heavily focused on Algorand. The company dedicated its best minds to the project, designing a disruptive economic lending model and introducing unique features such as reward staking, safety margins for cryptocurrency pairs, and an innovative liquidity provision system.

The investment groups

According to the company, Borderless Capital is the largest investor in the Algorand ecosystem and is committed to providing a higher multiple of the capital invested in Folks.Finance loan funds.

“We are proud to join Folks Finance as the lead investor in this round. Folks.Finance is a key pillar of the Algorand DeFi ecosystem. The team has done an amazing job developing their protocol and building a network of highly strategic partners, preparing them to start working on the launch. The debut of Folks Finance will enable unprecedented amounts of composability between Algorand DeFi dApps and decentralized communities, empowering projects to actively participate in more inclusive and fairer on-chain capital markets”, said David Garcia, CEO and Managing Partner of Borderless Capital.

Along with Borderless, two major crypto investment firms backing the Folk Seed round include Jump Crypto and ParaFi Capital.

Also read: Network announced raising $10 million

For his part, Anjan Vinod, Vice President of ParaFi Capital, an alternative investment firm focused on blockchain and decentralized financial markets, commented that as large users of DeFi, “we see money markets as a critical infrastructure for any DeFi ecosystem. We believe that Folks Finance is well positioned to unlock liquidity for a variety of Algorand-native assets and become a composable building block. From our first conversation with the Folks Finance team, we noticed how talented Benedetto and the team were at designing and building DeFi applications. We are excited to support Folks’ vision in building a scalable money market”.

The company highlighted that Folks Finance’s list of initial investors also includes leading venture capital firms such as Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, Youbi Capital, Algorand Foundation, Meld Ventures, Eterna Capital, 0x Ventures, Polymorphic Capital, Valhalla Associated Capital, ZBS Capital and Gains _ Veteran crypto angel investors supporting Folks Finance include David Garcia, CEO of Borderless Capital, and Calvin Liu, former chief strategist at Compound.

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