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Solana's Apricot Finance Raises $4M in 'Party' Funding Round
Apricot said it intends to use its newly raised capital to support the rollout of its flagship services.
Updated Sep 14, 2021, 1:44 p.m. Published Aug 25, 2021, 3:46 a.m.
Decentralized finance (DeFi) lending protocol Apricot Finance has completed a $4 million funding round with participation from Delphi Ventures, Lemniscap and other investment firms.
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- A spokesperson told CoinDesk on Wednesday the funding was more akin to a "party round" in which multiple investors participated.
- Solana Capital, Advanced Blockchain AG, Skyvision Capital, Ledger Prime, Valhalla Capital, MXC, Gate, a41 Ventures and several others participated.
- The latest funding round follows $800,000 in funding that Apricot Finance received in June.
- Apricot Finance said it intends to use its newly raised capital to support the rollout of its flagship services.
- Apricot is a budding DeFi money market platform built on the Solana network. Its flagship services will aim to provide cross-margin leveraged yield farming and an automated self-deleveraging mechanism, the spokesperson said.
- This year, Solana has attracted new investments to its platform either directly or via projects being built atop it. In June, Solana Labs, the firm behind the network, raised $314 million.
- Apricot's testnet launch is scheduled for next week, and a mainnet launch is expected in September.
Read more: Solana’s Saber Labs Raises $7.7M in Seed Funding Round Led by Race Capital
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