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‘Compound’ which is an Ethereum-based DeFi ecosystem completes fundraising activity of about $25M via Series A. The capital raising is led by investment giant Andreessen Horowitz (a16z).
Compound is an algorithmic money market protocol on Ethereum that lets users earn interest or borrow assets against collateral. Anyone can supply assets to Compound’s liquidity pool and immediately begin earning continuously-compounding interest. Rates adjust automatically based on supply and demand.
Of late, the Decentralized Finance (DeFi) platforms have been striking the chord within the financial industry which is now weighing over multi-millions of dollars. The credit is predominantly due to the various foundations, in current era, are unveiling their own DeFi protocols on the Ethereum network. Today’s announcement of the Series A has been a classic instance of such mechanism followed by Compound’s $8.2 million seed round in 2018.
It was projected to have raised about a $90 million valuation for Compound, which currently holds over $150 million in its DeFi platform. The fundraising (Series A) comprises involvement from other renowned investment veterans, such as, Polychain Capital, Paradigm, and Bain Capital Ventures.
