Finterest Raised $1.5M Seed Round

Published on: 13.12.2022
Finterest Raised $1.5M Seed Round

Finterest, the first crypto lending protocol available on the Internet Computer (ICP) built to support native Bitcoin borrowing and lending has raised a $1.5M seed round.

The raised $1.5M seed round made by Finterest has been led by notable investors including Polychain Capital via the Beacon Fund, an Internet Computer-focused ecosystem fund, and 9Yards Capital, among others.

Introduction

Finterest is the first bridgeless borrowing and lending protocol available on the Internet Computer. ICP is a blockchain network that can carry out up to 11,500 transactions per second with a 1-second finality. It was founded in 2022 by 24-year-olds Olliver Barr and Carl Sachs. Finterest, the first crypto lending protocol on the ICP. Offers fully decentralized borrowing and lending options with quicker, more secure code implementation and fewer security flaws. Increased reliability, stronger security, and a more advantageous relationship between blockchains are all benefits of Finterest’s bridgeless method.

With the help of its seed funding, Finterest will be able to keep growing its team and developing its platform in preparation for its beta launch in January 2023 and subsequent official launch. With the money, Finterest plans to expand its multi-signature wallet and FinnyFeed, a data oracle solution that launched in October 2022.

Management Quote

The recent industry events underscore the importance of true decentralization and transparency on the blockchain,” said Olliver Barr and Carl Sachs, Co-Founders of Finterest. “We are grateful for our investors and look forward to expanding our capabilities through this fundraise to help web3 reach mass adoption by making decentralized finance safer and simpler to use.”

“In order to onboard the masses to web3 and decentralized finance specifically. Platforms will need to become increasingly user-friendly, transparent, and secure., said Alexa Smith, Beacon Fund Manager, Polychain. “Finterest is tackling this by reducing centralization points across their entire tech stack. From hosting their front-end on-chain to building their own smart contract-based oracle solution. We are excited to support the Finterest team as they bring better, safer experiences to users.”

“There is a clear and loud need for a lending solution like Finterest. That eliminates the reliance on bridges that are inherently inundated with disadvantages and risks.” said David Fisher, Managing Partner at 9Yards Capital.“Finterest is providing a truly decentralized and bridgeless lending platform to DeFi users. We are excited to back them throughout their journey to bring much-needed transparency to the blockchain.”

About Finterest

Finterest is the first native Bitcoin borrowing and lending platform, trustlessly operated on The Internet Computer. Finterest’s bridge-free approach to crypto lending enables users to borrow and lend native Bitcoin, ICP, and Stablecoins with ease.

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SOURCE

https://www.businesswire.com/news/home/20221213005201/en/Finterest-Raises-1.5-Million-Seed-Round-to-Build-Crypto-Lending-Protocol

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