Chinese decentralized finance platform dForce raises 1.5M in funding led by Multicoin Capital
- dForce Foundation, one of China’s largest DeFi platforms, has recently completed a $1.5 million seed round.
- Multicoin Capital led the funding round, joined by Huobi Capital and CMB International (CMBI).
Chinese decentralized finance (DeFi) platform, dForce Foundation, has recently raised $1.5 million in fresh funding. The round was led by Multicoin Capital, with participation from Huobi Capital and CMB International (CMBI). The foundation is planning to use the funds for staffing and new DeFi product launches happening this year.
Multicoin Capital principal, Mable Jiang, said:
The dForce ecosystem is bound together by $DF, its native platform token. Using the token, users of the dForce ecosystem can seamlessly traverse several financial protocols that allow them to lend, borrow, or earn all without switching platforms or tokens.
The dForce foundation is known for its two protocols - lending platform Lendf and synthetic fiat stablecoin USDx. According to Coindesk, dForce founder Mindao Yang said that funds will help the company move beyond its stablecoin game and enter the larger DeFi movement. Lendf is instrumental for dForce to become a dominant DeFi player.
According to Yang, Lendf is the largest protocol in China for lending fiat-backed stablecoins regardless of its smaller share of the DeFi market. He noted that most DeFi protocols are geared towards serving western markets and requirements, giving the dForce protocol elbow room in China. The new capital will help the firm build on this lead in the decentralized finance sector, he added.
It's quite a full stack that we can service in China. This market is very different than the Western markets where the majority of the DeFi protocols are targeted.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
