A DeFi platform looking to make entering the market easier raises $4.9 million

DeFi • December 10, 2020, 5:13PM EST
The Block

A new platform aiming to cut down the steps to enter the decentralized finance (DeFi) world has raised $4.9 million in funding. YIELD allows users to invest in digital assets, smart contracts and protocols through one app.

Private investors funded $3.4 million, with Alphabit Fund, Digital Strategies and Yeoman's Capital contributing, among others. The remaining $1.5 million came from a token event with TrustSwap that garnered $1.2 million in 12 hours and a crowdfunding equity event with BnkToTheFuture that brought in just under $300,000.

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BnkToTheFuture has enabled funding rounds from the likes of BitFinex, Kraken and Wirex. CEO Simon Dixon said the investment platform has been getting lots of requests for opportunities to invest in DeFi projects. 

"We were trying to find one that actually has a well-structured company behind it; this is how we came across YIELD," he said in the announcement.

YIELD has a restricted banking license and trust management license from Mwali, according to the project team.

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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