Crypto Lending Startup RociFi Lands $2.7m in Seed Funding From Nexo, Arrington and More

In a sign of continued interest and support for decentralized finance protocols, web3 lending startup RociFi has secured $2.7 million in seed funding from several well-known investors.

Dean Fankhauser2 min read
Crypto Lending Startup RociFi Lands $2.7m in Seed Funding From Nexo, Arrington and More

In a sign of continued interest and support for decentralized finance protocols, web3 lending startup RociFi has secured $2.7 million in seed funding from several well-known investors.

Leading the round is Arrington XRP Capital, with additional participation from Goldentree Asset Management, LD Capital, Nexo, and Skynet Trading. This latest infusion of capital comes just months after RociFi closed a $1.25 million pre-seed round led by Polymath Ventures.

Founded in 2019, RociFi is building a lending platform that allows users to collateralize their digital assets and borrow against them without having to sell or surrender them. The protocol currently supports a range of popular cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), and others.

In a blog post announcing the seed funding, RociFi co-founder and CEO Dmitry Kaminskiy said the platform is designed to provide users with "instant liquidity without sacrificing ownership or control" of their digital assets.

"RociFi's mission is to make lending more accessible, efficient, and user-friendly for everyone," Kaminskiy said. "By leveraging the power of blockchain technology and smart contracts, we're able to create a decentralized lending ecosystem that offers greater transparency, security, and flexibility than traditional centralized lending platforms."

Kaminskiy added that the RociFi team is currently focused on expanding the platform's lending capabilities, as well as developing new products and services that will "further unlock the potential of digital assets."

Arrington XRP Capital co-founder and managing partner Michael Arrington said his firm is "excited" to be backing RociFi.

"We believe that RociFi has the team, technology, and vision to build a leading decentralized lending platform on Ethereum," Arrington said. "We're looking forward to working with the RociFi team as they continue to grow and scale the business."

As DeFi protocols have become increasingly popular in recent months, a number of startups have emerged to provide lending and borrowing services on Ethereum. These include MakerDAO, Compound, Dharma, InstaDapp, and others.

With the influx of new capital, RociFi is well-positioned to compete in this growing market. The startup plans to use the funds to further develop its platform and expand its team. RociFi is currently hiring for many positions, including engineers, designers, and product managers.

Earn more with Bitcompare

The best deals, tools, reviews and tips in your inbox once a week.

No spam, unsubscribe anytime. Read our Privacy Policy.