Truefi, an uncollateralized loan platform, has raised $12.5
million from three important investors. The token sale was led by
Blocktower, a New York-based cryptocurrency investment firm. Other
important investors were Alameda Research — owned by Sam Bankman-Fried,
founder of FTX — and A16z. Truefi is one of the few uncollateralized
defi-based lending protocols in the industry.
Truefi Raises $12.5 Million
Truefi has raised
$12.5 million dollars to expand its operations and its offer of lending
products. The investment was made through the purchase of its native
token truefi (TRU), which will be liberated in stages. The token sale
was led by New York-based Blocktower, a cryptocurrency blockchain VC
firm, with the participation of Alameda and A16z, some of the biggest
investment firms in the crypto space.
The protocol is the product of experimentation with a system that
emulates traditional finance conditions on defi. While most defi loans
must have collateral to even be issued in the first place, traditional
finance doesn’t work in that way. Banks use a credit score to issue
loans, and that score is based on the activity and volumes moved by the
customer.
Truefi seeks to emulate this behavior, allowing users to take out
uncollateralized loans according to certain variables. These variables
will determine the credit score of each user in the blockchain. This has
already resulted in more than $200 million in loan originations for
Trusttoken, the company behind the protocol, which is also the issuer of
trueusd, a popular stablecoin.
Expanding Its Reach
The fundraiser allows Truefi to focus on expanding the reach of its
protocol to new markets and offering new products. Rafael Cosman, CEO of
Trusttoken, stated:
This fundraise will allow Truefi to scale through robust hiring and
strategic investments of our own, allowing defi to offer more
diversified yields for lenders and even better capital access for
credit-worthy borrowers.
Alameda Research was one of the first institutions to use the
protocol, and they are now part of the push leading it to new customers.
San Bankman-Fried, CEO of the VC investment firm, stated:
Alameda is proud to now become investors in the team and technology
behind it. We see Truefi unsecured loans growing far beyond crypto, and
we plan to be partners and users at every stage of the protocol’s
growth.
source link : https://news.bitcoin.com/uncollateralized-lending-platform-truefi-raises-12-5-million-from-a16z-alameda-and-blocktower/
