Blockchain Revolution Series: dDorce Fetches 1.5mln In Fundraising To Chinese DeFi Platform

dForce, which is one of Chinese largest decentralized finance (DeFi) platforms has managed to complete a $1.5 million seed round led by Huobi Capital, Multicoin Capital and CMB International (CMBI). The dForce foundation intends to assign this fund for staffing and new DeFi product launches in 2020.

The advanced era of FinTech has come up with the new trends and inventions, such as, Smart contracts & DeFi which seem to be lucrative prospects and is most likely to hit the financial avenue by endorsing luring use cases of digital assets that enables flexibility, controllability of the financial as well as real assets, efficient trade finance & loans business and offer interest-bearing contracts etc.

DeFi has been getting its traction of late within the gamut of FinTech, growing form of Decentralized Finance (DeFi), where individuals are able to access financial services without the involvement of a bank or third party, might make things even harder for such businesses.

Gone are the days, where laggards used to be traditionally bounded and be risk averse, but for now, ever changing technology within some DApp-building communities, particularly DeFi, composability significantly intensified its swift pace for the development timelines. But mainstream adoptability of DeFi in 2020 has to encompass some hurdles. DeFi apps can bootstrap the UX of their apps by offering connectivity to tools like liquidity, banking services, and unique trading pairs.

For now, CoinDesk also reports, dForce founder Mindao Yang told that the firm, which founded in 2019, will use the funds to continue stepping outside the stablecoin game and into the larger DeFi movement. Part of that vision includes Lendf, the lending platform dForce launched in September 2019.

Yang also divuleged “Lendf has become the largest protocol in China for lending fiat-backed stablecoins, such as USDC or USDT, regardless of its smaller share of the DeFi market. DeFi Pulse lists dForce as the seventh-largest DeFi market by value locked.”

Thereby, it is understood that dForce seems to be targeting Chinese amrket and explore domestic opportunities. The latest dForce funding round will certainly assist the firm gain foothold in the local DeFi market within China.

Overall, the value of funds infused in DeFi apps that has exponentially grown, quadrupled to be precise from $276 million a year ago to over one billion dollars, according to recent sources from website DeFi Pulse.