In Brief:
- Swivel Finance has raised $3.5 million to continue building out its tokenized cash-flow and fixed-rate lending service.
- The Funding round led by Multicoin Capital and CMT Digital with other investors.
DeFi protocol Swivel Finance has raised $3.5 million in a strategic funding round led by Multicoin Capital and CMT Digital.
According to the announcement various other new investors participated in the round, including IOSG ventures, Fenbushi Capital, SevenX Ventures and OkEx.
The company also partnered with top crypto trading desks GSR Markets and SCC Investment, and 2 additional desks remain to be announced.
The founder of Swivel Finance Julien Traversa said “These new partnerships and investors ensure we can scale our organization, as well as ensure sufficient market liquidity for our launch and future growth.”
The Swivel splits yield-bearing assets into 2 cash-flows, ZcTokens, and nTokens. The investors buy a ZcToken at a discount for a fixed-yield or sell their nTokens for an immediate fixed-premium.
The company aims “to build the democratized infrastructure needed to enable high fixed-rate without sacrificing decentralization, capital efficiency or transaction costs.”
“Swivel is among a group of innovative new protocols that address the fixed-yield market, however, Swivel is unique in that the team has attempted to implemented an orderbook that will provide institutions a familiar liquidity provision experience and minimal slippage,” said Jake Dwyer, Managing Director of GSR Markets.
Recently Decentralized exchange(DEX) zkLink has closed $8.5 million in a funding round led by Republic Crypto. The company aims to become the first multi-chain DEX to enable one-click transfers across both Ethereum Virtual Machine(EVM) and non-EMV compatible chains.
