Second Generation DeFi Platform JellyFi Raises $ 4.4 Million

The developers plan to use the funds to recruit new employees and develop the project.

DeFi platform JellyFi raised $ 4.4 million in a seed round. Information about this appeared in the project blog.

• The investment round of the platform is led by Lemniscap. ParaFi Capital, Tioga Capital, White Star Capital, DeFiance Capital, True Ventures, Divergence Ventures, AngelDAO, Digital Currency Group, Genesis Trading and a number of angel investors also took part in financing the project.
• The developers plan to use the funds to recruit new employees to their team and develop JellyFi through R&D. Part of the funds will be used to audit the platform before its launch, which is scheduled for February 2022.
• JellyFi is a loan marketplace. The project was founded in 2021. The platform integrates tools that help borrowers and lenders to select the most profitable options for mutually beneficial cooperation.
• One of JellyFi’s partners is the popular Aave DeFi landing protocol. From him, the project received a grant of $ 70 thousand. Also, the JellyFi developers use Aave to provide lenders, whose rates are too high for comparison, with earning tools. For this purpose, the funds of the designated users are transferred to the partner’s platform during downtime. The JellyFi team calls this approach DeFi 2.0.

We will remind, earlier the Bank for International Settlements (BIS) called DeFi a source of financial instability.