Algolfi, a New York-based lending market and stablecoin protocol built on the Algorand blockchain, raised $2.8M in seed funding.
The round was led by Union Square Ventures, Arrington XRP Capital, and Pillar VC with participation from Y Combinator, Formulate Ventures, and Shine VC.
The company intends to use the funds to scale and grow the number of transactions.
Co-founded by Owen Colegrove and John Clarke, Algofi is building a crypto native bank powered by decentralized finance. Through Algofi, users can lend cryptocurrency, earn interest on their deposits, and borrow to facilitate complex trading activity. Further, the company is building fiat rails to enable users to move value onto and off of the Algorand network seamlessly.
Algofi is a 2021 graduate of Y Combinator.