RociFi, a Pittsburgh, PA-based decentralized zero and under-collateralized lending protocol, raised $2.7M in Seed funding.
Backers in the round, closed in November 2021, included from Arrington, Goldentree, Nexo, LD Capital and Skynet Trading.
The company intends to use the funds to expand the team, take the product to market, increase the size of the engineering team and launch the protocol.
Led by Christopher Brookins, CEO, RociFi has developed a protocol that leverages on-chain data, machine learning and decentralized identity data to facilitate undercollateralized loans via the blockchain. Its scoring process will identify a borrower’s trustworthiness based on their digital identity and allow lenders to lend their money according to their credit risk scores.
The company is currently in testnet and anticipates a phased, full-scale launch to mainnet by quarter two of this year, running as a fully decentralized, permissionless entity.
FinSMEs
12/04/2022