Bitcoin News and Finance
Uncollateralized Lending Platform Truefi Raises $12.5 Million From A16z, Alameda and Blocktower Skip to main content

Uncollateralized Lending Platform Truefi Raises $12.5 Million From A16z, Alameda and Blocktower

truefi

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.

What do you think of Truefi’s latest token sale? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory