Wednesday, 25 August 2021 11:20 AM
Financing
New round follows $800,000 raise in June; Mainnet launch coming in September
NEW YORK, NY / ACCESSWIRE / August 25, 2021 / Apricot Finance, the decentralized money market platform built on the Solana network which provides over-collateralized loan protocols to its users, has closed a $4 million round of funding, advancing its goal of becoming the go-to platform for personalized DeFi solutions.
The latest round was joined by a lengthy roster of investors, including Delphi Ventures, Lemniscap, Solana Capital, Skyvision Capital, Advanced Blockchain AG, Ledger Prime, Struck Capital Crypto, Valhalla Capital, a41 Ventures, Komoreb DAO, GSR, MXC, Gate, CryptoJ, Coinsight Ventures, Global Coin Ventures, Darren Lau, Zhuoxun Yin, Jeff Kuan (Terra), Matt Cantieri (Anchor Protocol), Nick Tong (Perpetual Protocol) and others.
The new funding builds on Apricot's previous raise of $800,000 in June. The company also took first place in the East Asia category of this year's Solana Season Hackathon last month, facing a crowded field with more than 350 competing teams in the areas of DeFi, NFT, and Web3.
Apricot Finance offers users fast and hassle-free lending experience through Apricot Lend. Apricot X-Farm, the first-in-market cross-margin leveraged yield farming platform, helps users maximize capital efficiency in a convenient way. It gives borrowers additional peace of mind with Apricot Assist, an automated self-deleveraging feature that provides users high-level downside protections. .
Apricot Finance's testnet launch is scheduled for next week, with a mainnet launch coming by September.
About Apricot Finance
Finance is a Solana-based money market protocol that offers lending and borrowing, cross-margin leveraged yield farming and other DeFi services.. Its automated self-deleveraging mechanism enables users to maximize returns while staying downside protected. In the future, Apricot plans to tap the concept of securitization in traditional finance to explore sustainable solutions for bad debt processing. Apricot has received a grant from the Solana Foundation and placed first in the East Asia Category of the 2021 Solana Season Hackathon.
Press Contact:
Kate Yu
[email protected]
SOURCE: Apricot Finance