• Archimedes, a decentralized finance (DeFi) lending and borrowing marketplace that is launching this month, secured another round of funding.
• The seed-funding round of $4.9 million was led by Hack VC and included other backers such as Uncorrelated Venture, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC and Palsar.
• Archimedes’ mission is to make capital efficient DeFi opportunities more accessible by offering users leverage that multiplies their original yield opportunity.
Archimedes Raises $4.9M in Seed Round
DeFi lending and borrowing platform Archimedes recently closed a seed-funding round of $4.9 million led by Hack VC. This adds to the pre-seed funding of $2.4 million for a total of $7.3 million in pre-launch fundraising from various investors including Uncorrelated Venture, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC and Palsar.
Launching This Month
The decentralized finance marketplace is set to launch this month with an aim to make capital efficient DeFi opportunities more accessible for users through leverage which multiplies their original yield opportunity. Upon taking out a loan on the platform users are sent a non-fungible token (NFT) representing a yield-generating stablecoin position leveraged up to 10 times the principal collateral amount.
What Is DeFi?
DeFi stands for “decentralized finance” and refers to financial activities carried out on a blockchain such as lending or trading digital assets or currencies like Bitcoin or Ethereum respectively. Non-Fungible Tokens (NFTs) are digital assets recorded on the blockchain that represent ownership of virtual or physical items which can be sold or traded as well as used in games like CryptoKitties and CryptoPunks among others.
Mission To Make Capital Efficient DeFI Opportunities More Accessible
Archimedes’ mission is to provide users with easier access to capital efficient DeFI opportunities through leveraging their original yield opportunity up to 10 times the principal collateral amount upon taking out a loan on its platform represented via an NFT asset issued by the company itself when repayment begins.
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