DeFi Protocol Element Finance Raises $32M in Series A Round
Summary
Element Finance, a decentralized finance (DeFi) fixed rate protocol, closed a $32 million Series A funding round at a $320 million valuation, the DeFi project announced on Tuesday. Previous investors Andreessen Horowitz (a16z), Placeholder, A.Capital Ventures and Scalar Capital participated in the round, which also included new investors Republic, Advanced Blockchain, P2P Validator, Rarestone Capital and Ethereal Ventures. • None Element, which provides a yield-maximizing marketplace for crypto interest rates, will use the funds to expand its workforce, especially in the areas of engineering, research, user interface (UI) and design, the company said. • None “Fixed rates are a stepping stone for more participants to come into the world of DeFi, and we’re excited to play a role in that,” Element co-founder and CEO Will Villanueva said. • None On June 30, Element Finance launched its open source protocol for fixed and variable yield markets.