The funding brings Element Finance’s valuation to $320M. Here are the top-line bullets you need to know.
Element Finance, a decentralized finance (DeFi) lending protocol for cryptocurrencies, has raised $32M in Series A funding. The round drew participation from Polychain Capital, Rarestone Capital, Andreessen Horowitz, Republic, and Advanced Blockchain, among others.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Element Finance offers fixed and variable yields on crypto assets like TriCrypto, Wrapped Bitcoin, and USDC, which customers can then redeem at face value on maturity.
- Element Finance has reported total value locked (TVL) of over $180M and trading volume of $70M, with over 9,000 active users since the launch of its open-source protocol in June 2021.
Source: Element Finance
WHY DOES THE MARKET MATTER?
- The total value locked in DeFi applications has grown 5x year-over-year to surpass $100B, according to DeFi Pulse. The factors driving growth for this market are a global search for higher yields amid higher inflation and wider adoption of crypto assets.
- Growth of the broader crypto market has been spurred by higher transparency in remittances, better operational efficiency, higher demand for cryptocurrencies from financial institutions, and better data protection.