Folks Finance, a remote DeFi platform where users can lend, borrow, trade, and manage their digital assets across multiple blockchains, raised $3.2m in Series A funding.
The round led by Borderless Capital at a final valuation of $75 million with participation from SOVO Ventures, Mapleblock, Algorand Ventures, and others. The round brought total investment into the platform so far to $6.2m. The investors in the Series A raise joined a pool of participants from Folks’ 2022 seed round, including Borderless Capital, Coinbase Ventures, Jump Crypto, OKXVentures, ParaFi Capital, and more.
Led by Benedetto Biondi, CEO, Folks Finance is a DeFi hub pioneering innovations in lending, borrowing, trading, and managing of digital assets seamlessly across multiple blockchains.
The company intends to use the funds to accelerate the crosschain expansion of its xChain app – a first-of-its-kind solution that enables users to lend, borrow, and trade across multiple networks, including Avalanche, Base, Ethereum, Arbitrum and BNB Chain, with plans to integrate many more networks in the near future.
Since its 2022 mainnet launch, Folks Finance has experienced rapid growth, now powering over 15,000 active wallets monthly and cementing its position as the largest DeFi app on Algorand with an all-time high TVL of $220 million.
FinSMEs
14/11/2024