In Brief:
- Element Finance raises a $32M series A funding at $320 million valuation.
- The funding round was led by Polychain Capital and included Andreessen Horowitz and other previous investors.
Decentralized finance (DeFi) Element Finance, raises a $32M Series A funding at a $320 Million valuation.
According to the announcement the round was led by Polychain Capital. It includes previous investors like Andreessen Horowitz, Placeholder, A_capital, and Scalar Capital. New investors include Advanced Blockchain, Republic Rarestone, Yunt Capital, P2P validator, Ethereal Ventures, and their limited partners.
With this new funding round, the company will scale the team across all project areas to continue growing at a pace that allows us to improve the protocol.
The company has introduced a Treasury Management initiative. The initiative has the goal of helping DeFi Protocols, DAOs, Funds, and Institutions diversify by their treasuries.
“Since the beginning, we’ve envisioned Element as an open, self-sustaining, and community-governed protocol that will hold strong to the principles of decentralization that make Defi so powerful,” the company said.
Also Read: Makor Group Completed its Series A Raise at $200m Valuation
On June 30, Element Finance introduced its open source protocol for fixed variable yield markets. It has surpassed 9000 active users and has $70 million in trading volume. It also surpassed the $180 million total value-locked(TVL) milestone.
In the near term, the company will launch the Elements Governance system. It is working on making various improvements to the overall user experience of the platform.
