Folks Finance Raises $3M in Seed Funding

Folks Finance

Folks Finance, a Milan, Italy-based company advancing a protocol for borrowing and lending built on the top of Algorand blockchain, raised $3M in Seed funding.

The round was led by Borderless Capital with participation from Jump Crypto, ParaFi Capital, Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, Youbi Capital, Algorand Foundation, Meld Ventures, Eterna Capital, 0x Ventures, Polymorphic Capital, Valhalla Capital, ZBS Capital, and Gains Associates. Crypto veteran angel investors supporting Folks Finance include David Garcia, CEO of Borderless Capital, and  Calvin Liu, former Strategy Lead at Compound, as well as several of the leading DeFi and Financial protocols of the Algorand Ecosystem including Algomint, Tinyman, StakerDAO, MyAlgo, Venue One, xBacked, Prismatic, among others.

The company intends to use the funds to expand operations and accelerate growth.

Led by CEO Benedetto Biondi, Folks Finance provides a protocol for lending and borrowing built and operated on top of the Algorand blockchain. Through the lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly. Through the borrowing operation, users can request crypto loans by locking deposited funds as collateral.

The company is currently in its smart contract security verification phase, after completing a protocol design review, and early this year is planning the official launch for Folks Finance on the Algorand TestNet, along with the release of Folksy Guys, the official NFT collection dedicated to the Folks Finance community. The team will officially publish the research paper for the protocol economic model soon, and it is already working to establish the milestones of version 2.0.

Folks Finance is the result of extensive research and engineering conducted by Blockchain Italia, a blockchain software house strongly focused on Algorand.