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Port Finance Raises a $5.3m Strategic Round To Offer Fixed Rate Lending on Solana

Port Finance, the Solana-based lending protocol with the imaginative and prescient of bringing a entire suite of rate of interest merchandise to DeFi customers, has raised $5.3M in its newest strategic funding spherical.

The spherical is led by Alameda Research with participation from Spartan Group, Brevan Howard, and A41. Port Finance’s checklist of current buyers additionally contains Jump Capital, Solana Foundation, GSR, and Defi Alliance.

Port Finance was the primary to launch a variable charge lending product on Solana’s mainnet in July 2021. The platform now helps 13 completely different property from the Solana, Ethereum, Terra and Bitcoin community and beforehand reached a complete worth of over $300M in property locked on the platform.

With the most recent spherical of funding, Port Finance will lengthen its present product providing to fixed-rate lending and rate of interest swaps. The newest Port Finance product, Sundial, got here reside final week and was the primary to supply fixed-rate lending on the Solana blockchain beginning with USDC. “We are excited to see Port Finance build a fixed-rate lending product leveraging the Serum orderbook”, says Alameda Research.

‘’Fixed-rate lending is a big untapped alternative in DeFi. In conventional finance, fixed-rate lending is 25 occasions that of variable charge lending. We anticipate to see fixed-rate lending develop exponentially in DeFi,’’ says GW, Co-Founder of Port Finance. “Institutional investors have expressed interest in borrowing USD against their token holdings at a fixed interest rate. Port Finance expects to work with them closely as the product matures.”

Port Finance has secured over 30 integrations and partnerships since its launch. It will proceed to work with builders inside the Solana ecosystem and help tasks integrating with Port Finance by way of the newly arrange Port Ecosystem Grant. Over the approaching months, Port Finance may also be rolling out a governance module with a staking mechanism to additional align token holders with the challenge.

About Port Finance

Port Finance is a decentralized Money Market protocol on Solana, aiming to offer a full suite of lending merchandise together with however not restricted to variable-rate lending, fixed-rate lending and rate of interest swaps. Port Finance’s workforce brings engineering expertise from tech firms like Google, Facebook, and Microsoft, and beforehand contributed to Solana and Serum. The PORT token is at present traded on FTX, Ascendex, Gate.io, Serum, Raydium and Orca.

 

 

 

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