Liquidity Protocol, which provides interest-free borrowing on the Ethereum network, plans to expand its ecosystem and hire more resources following the latest funding round.
DeFi lending platform Liquidity Protocol has secured $6 million in Series A funding to expand its on-chain borrowing services, underscoring the continued growth of cryptocurrency loans. The funding round was led by Pantera Capital, a crypto-focused venture capital firm, with additional contributions from Nima Capital, Alameda Research, Greenfield.one and IOSG, the company announced Monday. Angel investors including Meltem Demirors, David Hoffman and Calvin Liu also contributed to the raise. Liquity has raised $6M in Series A funding led by @PanteraCapital. Read the full announcement here: https://t.co/OhqrKT8N9x— Liquity (@LiquityProtocol) March 29, 2021
Robert Lauko, Liquidity Protocol’s CEO, said the new funding round “will allow us to continue pursuing Liquity’s mission of improving access to on-chain borrowing, removing interest rates, and minimizing governance in DeFi.”Incorporated in Zug, Switzerland, Liquidity provides interest-free borrowing on collateralized loans backed by Ethereum (ETH). Loans are paid in LUSD, a dollar-pegged stablecoin, and require a minimum collateral ratio of 110%. The company says its protocol will go live on the Ethereum mainnet on April 5. Although some of the hype has died down, DeFi remains one of the hottest corners of the cryptocurrency market. As of Monday, more than $78 billion was locked into DeFi protocols, according to industry data. As Cointelegraph recently reported, Binance Smart Chain-native DApps are leading the sector’s growth. DeFi lending and borrowing services are …
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