Folks Finance Expand Blockchains DeFi Services with $3.2 Million Funding Round, Valued at $75 Million
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Folks Finance, a financial platform that lets people lend, borrow, and trade digital money across different blockchains, recently raised $3.2 million in funding. This money came from a Series A funding round led by Borderless Capital, with support from other investors like Algorand Ventures and Mapleblock Capital.
However, the strong interest from investors raised Folks Finance’s total value to $75 million, higher than their original target of $50 million. Therefore, enhancing the task of providing digital finance services across blockchains.
Expanding Capabilities Across Blockchains and Future Plans
Folks Finance uses its xChain app to work on multiple blockchains like Ethereum, Base, Arbitrum, Avalanche, and BNB Chain. This means that users can manage their digital assets and loans on different chains, making it more flexible.
The platform uses tools like Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Wormhole, which allow users to deposit assets on one blockchain and borrow on another.
According to Folks Finance’s CEO, Benedetto Biondi, Avalanche is currently the main blockchain for the platform, but they are working to add more blockchains like Linea, Polygon, Optimism, and ZKsync. To this end, Folks Finance may also launch its token in the future, as hinted by the $75 million valuation.
Strong Growth and Future Hiring Plans
Folks Finance, since its start in 2022, has grown quickly, with over 15,000 active monthly wallets and more than $100 million in assets locked on its platform. Initially, the platform operated on the Algorand blockchain, but now, the focus has been shifted to types of blockchains that can accommodate both EVM and non-EVM compatibilities.
Also, Folks Finance, with the new round of funding, has raised $6.2 million, including a previous $3 million from investors like Coinbase Ventures and OKX Ventures. Therefore, with the new funding, expanded multi-blockchain features, and a team of 20 strong members with plans to grow by hiring more developers and community-focused professionals, Folks Finance is making it easier for people to manage digital assets across different chains. This added flexibility aims to make decentralized finance (DeFi) more accessible, helping people connect to multiple blockchain ecosystems more efficiently.
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