Polychain leads DeFi lending protocol Greenwood's $2 million seed round

advertisement

Decentralized finance lending protocol Greenwood has raised $2 million in a seed round led by Polychain Capital in its bid of optimize the interest rates for borrowers.

The firm announced in a post shared with The Block that other participating investors include Blockchain Capital, Robot Ventures and Divergence Ventures.

Greenwood has also got individual contributions from Ricky Li, co-founder of crypto trading firm Altonomy and DeFi lending protocol Aave's founder and CEO Stani Kulechov. 

Greenwood's phase 1 of its V2 protocol, which is currently live but not yet audited, touts a set of smart contracts on Ethereum to borrow from Aave or Compound, based on whichever protocol has the lowest instantaneous annual percentage rate.

The goal is let users and dApps borrow crypto assets through DeFi at the lowest interest rate without doing the calculation of interest rates themselves.

Nathaniel Mendoza, CEO of Greenwood, said with the newly raised capital, the firm also plans to hire additional staff to help build out the next three phases of its V2 protocol. 

"Some phases will port traditional financial tools to Ethereum, while others will introduce novel functionality that is only possible on-chain," the firm said in the announcement.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More