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DeFi trade protocol DFX raises $5M in seed funding led by Polychain Capital

02/24/2021

Polychain Capital has wager on a brand new DeFi trade protocol trying to enhance the adoption of stablecoins in DeFi.

Veteran cryptocurrency investor Polychain Capital has joined a funding spherical in DFX Finance, a brand new decentralized finance trade protocol optimized for non-U.S. greenback stablecoins.

DFX raised greater than $5 million in seed funding from Polychain and True Ventures to create a brand new blockchain-powered marketplace for stablecoins and open up DeFi functions to a world viewers. Saying the information Wednesday, DFX mentioned that different traders included trade gamers like Hex Capital, CMS Holdings, Fortress Island Ventures, and DeFi Alliance.

DFX is presently being developed by contributors from main crypto initiatives and companies just like the Ethereum Basis and ConsenSys. The platform is trying to present an answer for DeFi customers residing exterior of the US who typically need to tackle U.S. greenback danger when depositing, collateralizing and pooling liquidity.

As such, DFX will debut liquidity mining launching with three international stablecoins, together with the Canadian dollar-pegged CADC, euro-based EURS, and the Singapore dollar-pegged XDGD. Because the platform grows, DFX will add extra stablecoins, and plans to permit DFX token holders to vote for brand spanking new cash they’d like so as to add to the platform. 

In an effort to allow liquidity mining, DFX is utilizing main U.S. dollar-pegged stablecoin USD Coin (USDC). “We leverage USDC within the coronary heart of DFX as all of our non-USD stablecoins are paired with USDC,” core DFX contributor Kevin Zhang informed Cointelegraph.

Niraj Pant, companion at Polychain Capital, believes that DFX has stable potential to develop into a significant participant in DeFi trade:

“By bringing FX into the DeFi area, we consider DFX will allow dozens of novel functions. In the end, we consider DFX is nicely positioned to develop into a core piece of DeFi infrastructure.”

Amid the DeFi trade steadily gaining momentum, Polychain Capital has been actively investing in varied DeFi initiatives. Earlier in February, the corporate participated in a $1 million funding spherical for Manta Community to assist the startup construct a totally personal decentralized trade on Polkadot.