Folks Finance has closed a $3.2
Summary
November 14th, 2024 Folks Finance, a cross-chain decentralized finance (DeFi) platform, has raised $3.2 million in a Strategic Round, bringing its valuation to $75 million.Borderless Capital led the round, with participation from Algorand Ventures, Mapleblock Capital, Sovo Ventures and others. Previously, it raised $3 million in a seed round from backers including Coinbase Ventures, Jump Crypto, OKX Ventures and ParaFi Capital.Folks Finance is a cross-chain DeFi platform that enables users to lend, borrow, trade and manage digital assets across multiple blockchains, including Ethereum, Base, Arbitrum, Avalanche, BNB Chain, and Algorand. Nearly three years after hitting mainnet, following an all-time-high of $220 Million in TVL reached in 2024, and currently empowering 15,000 monthly active wallets, Algorands largest app plans to bring its full set of tools to new networks.By leveraging Chainlinks Cross-Chain Interoperability Protocol (CCIP), Wormhole, and Circles Cross-Chain Transfer Protocol (CCTP), xChain allows anyone to deposit assets on one chain and borrow on another, offering unmatched flexibility and efficiency across ecosystems.Biondi said the platform can integrate both Ethereum Virtual Machine (EVM)-compatible and non-EVM-compatible chains. He added that Folks Finance plans to support more blockchains, including Consensys-incubated Layer 2 network Linea, Polygon, Optimism and ZKsync.Folks is building the onchain alternative to Centralized Crypto Exchanges by combining simple tools into the ideal hub for portfolio management. This approach will drive a new standard in crosschain liquidity; we are excited for a future full of growth and innovation for Folks, said Amit Mehra, Partner at Borderless Capital.The successful funding round reaffirms Folks Finances intention to be a major protocol in the DeFi sector.