Spectral, a NYC-based operator of a protocol for programmable creditworthiness, raised $6.75m in funding.
The round was led by Polychain Capital with participation from Mike Novogratz’s Galaxy Digital, Chamath Palihapitiya’s Social Capital, ParaFi Capital, Edge & Node Ventures (The Graph) and MetaPurse Ventures.
Led by Sishir Varghese, co-founder and CEO, Spectral develops infrastructure for assessing credit risk in Web3 and lays the framework for a new asset class of programmable creditworthiness. Its first product is an on-chain credit score, which gives lenders an improved mechanism to evaluate borrower risk, and grants the user full control over their identity and pseudonymity on the blockchain.
The company has developed an on-chain credit risk assessment score (MACRO score) that enables access to existing financial applications such as credit delegation and securitized debt, and lays the foundation for innovative new implementations that leverage on-chain transaction history to build user creditworthiness.
Spectral is also supported by a group of crypto-focused angel investors and builders, including Mariano Conte, (formerly of MakerDAO), Stani Kulechov (Aave), Andre Cronje (Yearn Finance), Richard Ma (Quantstamp), Diogo Monica (Anchorage), Andy Bromberg (Eco and CoinList), Kain Warwick & Jordan Momtazi (Synthetix), DeFi Alliance, Rarestone Capital, New Form Capital, Maven11, OP Crypto, Folius Ventures and several others.
FinSMEs
10/11/2021