Institutional and individual investors contribute to new tranche of financing
SAN FRANCISCO, CA / ACCESSWIRE / September 13, 2021 / Pledge, an algorithm-driven, financial NFT-based cross-chain ecosystem that provides structured lending services and derivatives across multiple public blockchains, is announcing a $3 million round of funding led by DHVC.
Joining DHVC in the round is Gary LeBlanc, a prominent professor at U.C. Berkeley Haas School of Business. LeBlanc, who is one of the first professors to teach about blockchain, will be accompanied by a few Stanford University community members, Ray Wong, CEO of Lutech, prominent Miner in Canada, and Telos Mortgage President, Torsten Wendl.
Pledge is a decentralized structured lending protocol which establishes sophisticated money markets with algorithmically fixed interest rates, providing its own native token -PLGR-based on the supply and demand of certain cryptocurrencies. This allows users to easily exchange the time value of money derived from collateralized digital assets and stablecoins. Currently, the protocol is built using the Binance Smart Chain and is expected to expand across multiple public blockchains.
Unlike many other DeFi lending protocols, Pledge can create various liquidity pools with different maturity and rates for numerous crypto assets, with fixed lending terms for each loan.
Pledge protocol also provides a suite of decentralized interest rate swap contracts, which they hope to build into an integral part of the fixed-income money market. These derivative-based smart contracts, which typically swap fixed-rate interest payments for floating-rate interest payments, are an essential tool for DeFi investors, who use them to hedge, speculate, and manage risk on or cross-chains.
Led by a team of blockchain-savvy Stanford University researchers, Pledge has its eyes set on bringing the third major breakthrough in distributed systems to the world after Classical and Nakamoto consensus protocols.
'This raise will help us advance our mission to make Pledge the crypto-asset lending platform for all, making it easy for cryptocurrency holders to diversify their portfolios while further accelerating the adoption of DeFi apps in everyday investors' financial activities,' said Tony Y. Chan, Pledge founder and CEO.
About Pledge Finance
Pledge is a breakthrough programmable structured financial protocol that is secure, decentralized, and achieves high performance, all while able to scale to thousands if not millions of participants. Pledge Protocol fully supports financial NFTs, including everything from insurance and bonds, to unique baskets of tokens, to tokenized real-world financial assets. Pledge supports both intra-chain and inter-chain programmability, enabling developers to control the execution of their dApps in one chain while securely managing data between chains.
SOURCE: Pledge Finance
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