Share this article
Galaxy Digital, IOSG Lead $4.3M Funding Round for 'DeFi Bridge' Centrifuge
The company said the capital raised will be used to further grow its business.
Updated May 9, 2023, 3:16 a.m. Published Feb 23, 2021, 2:33 p.m.
Make us preferred on Google
Centrifuge, a blockchain startup focused on bringing real-world assets to decentralized finance (DeFi), has raised millions from big-name investors.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to a press release provided to CoinDesk Tuesday, Centrifuge has secured $4.3 million to further grow its business through a "safe agreement for future tokens" (SAFT) round that kicked off late last year. Now leading the round are asset manager Galaxy Digital and IOSG Ventures, with Rockaway Capital, Fintech Collective, Moonwhale Ventures, Fenbushi Capital, TRGC and HashCIB also newly participating.
In a SAFT round, a company sells rights to future tokens that won't be issued until a key target is reached, such as the issuing platform going live.
The startup has set out to construct a bridge between real-world assets and DeFi via its asset tokenization process known as Tinlake – a business the company says can attract "trillions of value" from traditional finance.
See also: How to Bring Off-Chain Assets to DeFi – Ajit Tripathi
Nonfungible tokens (NFTs) representing a value on-chain of something tangible in the real world, such as an invoice, can be bundled and sold to investors, the firm believes. The process occurs through the use of smart contracts based on the ERC-/EIP-721 Ethereum NFT standard.
"Centrifuge is the on-ramp for the real economy to tap into DeFi liquidity," said Will Nuelle at Galaxy Digital. "Securitization and warehousing of debt happens in a single block, lowering the cost of capital for borrowers."
Higit pang Para sa Iyo
Higit pang Para sa Iyo
Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
Ano ang dapat malaman:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
Top Stories
