Algofi: Raises $2.8M in Seed Funding
- Algofi, a New York-based lending market and stablecoin protocol built on the Algorand blockchain, raised $2.8M in seed funding
- The round was led by Union Square Ventures, Arrington XRP Capital, and Pillar VC with participation from Y Combinator
- The company intends to use the funds to scale and grow the number of transactions
- Co-founded by Owen Colegrove and John Clarke,it is building a crypto native bank powered by decentralized finance
- Users can lend cryptocurrency, earn interest on their deposits, and borrow to facilitate complex trading activity
- The company is building fiat rails to enable users to move value onto and off of the Algorand network seamlessly
