Veteran cryptocurrency investor Polychain Capital has joined a funding round in DFX Finance, a new decentralized finance exchange protocol optimized for non-U.S. dollar stablecoins.
DFX raised more than $5 million in seed funding from Polychain and True Ventures to create a new blockchain-powered market for stablecoins and open up DeFi applications to a global audience. Announcing the news Wednesday, DFX said that other investors included industry players like Hex Capital, CMS Holdings, Castle Island Ventures and DeFi Alliance.
DFX is currently being developed by contributors from major crypto projects and firms like the Ethereum Foundation and ConsenSys. The platform is looking to provide a solution for DeFi users residing outside of the United States who often have to take on U.S. dollar risk when depositing, collateralizing and pooling liquidity.
As such, DFX will debut liquidity mining, launching with three foreign stablecoins, including the Canadian dollar-pegged CADC, euro-based EURS, and the Singapore dollar-pegged XDGD. As the platform grows, DFX will add more stablecoins and plans to allow DFX tokenholders to vote for new coins they’d like to add to theTitle: DeFi exchange protocol DFX raises $5M in seed funding led by Polychain Capital
Sourced From: cointelegraph.com/news/defi-exchange-protocol-dfx-raises-5m-in-seed-funding
Published Date: Wed, 24 Feb 2021 14:00:00 +0000