Compound Finance Raises $25 Million in Series A Funding
The American VC company mentioned that they have got labored with the Compound workforce for greater than two years and consider strongly in their skills, each in trade and era.
Although the stake in the corporate was once now not disclosed, a supply as regards to the deal claimed that the funding put Compound Finance at round a $90 million valuation.
How will Compound Finance use the funding?
The lending platform is already flourishing, with over $100 million value of belongings lately at the platform.
Founder Robert Leshner says that the funding will help with new plans to deliver Compound Finance to the typical Joe, quite than its present area of interest of crypto-savvy other people.
Cryptocurrency holders any place will sooner or later have the ability to seamlessly lend their belongings by the use of the Compound protocol, with no need to transport their cash off-exchange.
What is Compound Finance?
The platform swimming pools in combination customers’ Ethereum-based belongings, and lends them out at an automatically-adjusted floating fee.
These charges – particularly on US dollar-pegged stablecoins – have most often outperformed yields from conventional financial savings accounts.
About Andreessen Horowitz
Andreessen Horowitz is a undertaking capital company from the United States.
It was once based through Marc Andreessen and Ben Horowitz in 2009, and specializes its investments in the era sector.
According to Crunchbase.com, they lately have $2.7 billion underneath control, and make investments any place from seed to expansion.
The company has been concerned in the blockchain and cryptocurrency area for a while, and introduced a release of a “free crypto startup school” previous this month.