About Folks Finance
Folks Finance develops a capital markets protocol for borrowing and lending built on top of the Algorand blockchain. It offers non-custodial decentralized finance (DeFi) tools for managing digital assets. It was founded in 2021 and is based in Milan, Italy.
Research containing Folks Finance
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Folks Finance in 1 CB Insights research brief, most recently on May 17, 2022.
Expert Collections containing Folks Finance
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Folks Finance is included in 3 Expert Collections, including Blockchain.
Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.
This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.
Excludes US-based companies
Latest Folks Finance News
Nov 29, 2022
Share Folks Finance has proven the value of fast, accessible, and non-custodial DeFi on Algorand. Since launching in April of 2022, $100 Million in Total Value Locked has been deposited by over 5000 users. The protocol now looks to continue closing the gap between CeFi and DeFi by launching an elevated Version 2 with new features and a redesigned user experience. Folks strives to provide the speed, security, and flexibility CeFi users are comfortable with, while building on a foundation of transparency. With recent events exposing centralized entities as significant weak-points in the blockchain industry, the time has come for users of the technology to make the leap into decentralized standards. V2 will be packed with new features and a reimagined UI/UX, which will enhance the flexibility and efficiency of the protocol. The integration of a DEX aggregator will power features like collateral swapping and auto-leveraging, and flash loans will enable savvy individuals to maximize arbitrage opportunities. Folks is pushing the boundaries of composability in DeFi. Innovative features and a focus on community drove Folks Finance to be the Top TVL Gainer in Q3 2022. Algo Liquid Governance has also been an enormous success, allowing users to commit to Algorand Governance through Folks Finance, earn yield, and unlock liquidity using gALGO. The testnet is currently live and can be tried at testnet.folks.finance. Security audits from three separate firms – Trail of Bits, Vantage Point, and CertiK – are currently underway. Following their completion, the Folks Finance V2 will be officially released on December 12, 2022. Looking forward into 2023, Folks Finance will pursue meaningful growth by expanding the community and attracting capital from other ecosystems. Additionally, launching the FOLKS governance token and establishing a protocol DAO will be consequential steps toward further decentralization. “The journey of Folks Finance has been incredibly satisfying. I’m immensely proud of what the team has achieved so far. We work very hard to be industry leaders in the mission of decentralizing and democratizing finance – building the most efficient, flexible, and open DeFi tools. Of course, I’d like to thank our community for their belief in us, and our investors for their support. We’re proud to build on Algorand, the best-in-class blockchain for evolving our traditional financial system.” Gidon Katten, Folks Finance CTO: “Congratulations to the whole team on the massive accomplishment. Folks Finance V2 pushes the boundaries in terms of what is possible in DeFi. Throughout development, our core focus has been on building the best possible product for our users whilst remaining true to the principles of decentralization. We are so excited to be able to provide so many new features and we look forward to receiving feedback from the community.”
Folks Finance Frequently Asked Questions (FAQ)
When was Folks Finance founded?
Folks Finance was founded in 2021.
Where is Folks Finance's headquarters?
Folks Finance's headquarters is located at Milan.
What is Folks Finance's latest funding round?
Folks Finance's latest funding round is Seed VC.
How much did Folks Finance raise?
Folks Finance raised a total of $3M.
Who are the investors of Folks Finance?
Investors of Folks Finance include Gains Associates, Jump Crypto, Venue One, 0x Ventures, Tinyman and 20 more.