Folks Finance says the round was led by Borderless Capital with participation from Jump Crypto, ParaFi Capital, Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, and the Algorand Foundation.
Borderless Capital is the largest investor in the Algorand ecosystem.
“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,” said David Garcia, CEO at Borderless Capital. “The team has done an amazing job developing their protocol and building a network of highly strategic partners, setting them up to hit the ground running at launch.”
Folks Finance focuses on designing the disruptive economic lending model and introducing unique features such as staking of rewards, safety margins for cryptocurrency pairs, and an innovative liquidity provision system.
Several of the leading DeFi and Financial protocols of the Algorand Ecosystem also joined the seed round including Algomint, Tinyman, StakerDAO, MyAlgo, Venue One, xBacked, and Prismatic.
Folks Finance is currently in its smart contract security verification phase. Once completed, it will officially launch on the Algorand TestNet.
The firm is also aiming to release Folksy Guys, an official NFT collection dedicated to the Folks Finance community.
Photo: Courtesy of Diverse Stock Photos on Flickr