The round was led by Borderless Capital with participation from Jump Crypto, Parafi Capital, Coinbase Ventures, Genesis Capital, Algorand Foundation, and more.
MILAN, January 20, 2022 /PRNewswire/ — People Finance, the leading capital markets borrowing and lending protocol built on top of 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, Algorand Foundation and many more.
Folks Finance is the result of extensive research and engineering by Blockchain Italy, a blockchain software house heavily focused on Algorand. The company poured its best minds into the project, designing a disruptive economic lending model and introducing unique features such as reward staking, cryptocurrency pair safety margins and an innovative liquidity provision system. ..
The Investor Group
round leader, Capital without borders is the largest investor in the Algorand ecosystem and is committed to providing a higher multiple of capital invested in Folks.Finance loan pools.
David Garcia, who is CEO and Managing Partner of Borderless Capital as well as an angel investor personally backing Folks Finance, said:
“We are proud to join Folks Finance as a 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, placing them ”
Anjan Vinod, Vice President of ParaFi Capital, an alternative investment firm focused on blockchain and decentralized financial markets, also commented:
“As heavy DeFi users, we see money markets as essential infrastructure for any DeFi ecosystem. We believe Folks Finance is well positioned to unlock liquidity for a variety of native Algorand assets and become a composable building block. From our first conversation with the Folks Finance team, we noticed how talented Benedetto and his team were in designing and building DeFi applications. We are thrilled to support Folks’ vision in building a scalable money market.”
Folks Finance’s list of seed investors also includes leading venture capitalists such as Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, Youbi Capital, Algorand Foundation, Meld Ventures, Eterna Capital, 0x Ventures, Polymorphic Capital, Valhalla Capital, ZBS Capital, and Associated earnings. Crypto Veteran angel investors supporting Folks Finance includes David Garcia, CEO of Borderless Capital, and Calvin Liu, former Head of Strategy at Compound.
Several of the leading DeFi and financial protocols in the Algorand ecosystem have also joined the round, including Algomint, Tinyman, StackerDAO, MyAlgo, Venue One, xBacked, Prismatic, among others.
Folks Finance is currently in its smart contract security verification phase, having successfully completed a protocol design review, and early this year foresees the official launch of Folks Finance on Algorand TestNet, as well as the release of Folksy Guys, the official NFT collection dedicated to the Folks Finance community. The team will soon officially release the research paper for the protocol’s business model, and are already working to establish milestones for version 2.0. Intending to define community-centric governance, the ASA FOLKS token will offer its holders participation in protocol decision-making power, incentivization and staking strategy, and much more.
From Seed Round Fundraising, Folks Finance CEO Benedetto Biondi commented :
“We are delighted and excited about the exceptional portfolio we have entered into this investment round. The excellent work of the team has resulted in an innovative design that will make Folks Finance a mainstay of financial market protocols. We are proud to be supported by the Algorand ecosystem, making us feel like part of a strong developing and expanding family. 2022 will be the year of Algorand, and the imminent launch of the protocol will take a step important. We are excited to show the results of a year of hard work behind the scenes.”
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ABOUT FOLKS FINANCE
Folks Finance is the leading algorithmic capital market protocol for lending and borrowing, built and operated on top of the Algorand blockchain. Through lending transactions, Folks users can deposit cash and start earning continuous economic returns instantly. Through the borrow operation, users can apply for crypto loans by locking up the funds deposited as collateral. Folks Finance is the result of extensive research and engineering by Blockchain Italy, a blockchain software house heavily focused on Algorand. Protocol innovations include a disruptive economic lending model designed for user strength and security, and the introduction of unique features such as reward staking, cryptocurrency pair safety margins, and an innovative system liquidity provision..
SOURCE People Finance