Folks Finance, Leading Capital Markets Protocol Closes $3 Million Seed Round

Folks Finance’s capital market protocol to open the world of DeFi to the common folks providing various additional services.

Bishal Kumar Chanda4 min read
Folks Finance, Leading Capital Markets Protocol Closes $3 Million Seed Round

Built on the Algorand blockchain, Folks Finance is a leading capital markets protocol for borrowing and lending cryptocurrency. The Folks Finance platform users can deposit their funds in the liquidity pools and start earning a regular return on their investments instantly. Users can also request crypto loans by locking their deposited funds as collateral to their loans. The platform was built keeping ordinary folks in mind to open the world of DeFi to the masses. Folks Finance welcomes all wallets no matter how much funds you have in them. For non-experts in the crypto space, Folks Finance’s protocol is very user-friendly and has a simple user interface.

Led by Borderless Capital, Folks Finance recently closed a $3 Million Seed Funding Round. This round witnessed participation from various industry giants such as Jump crypto, Coinbase, Algorand Foundation, OKX Blockchain Ventures, ParaFi Capital, etc. Many other top DeFi and Financial protocols like Algomint, StakerDAO, MyAlgo, and Prismatic have joined this seed phase. Folks Finance has dedicated its best developers from around the world to the project and has successfully designed a lending model with the potential of disrupting the economy. It has also introduced many new features on its platform, such as staking rewards, innovative liquidity provision system, safety margins for crypto pair, etc.

Currently, the smart contract of Folks Finance is being verified. After Folks Finance passes a protocol design review, it is planning on officially releasing FolksFinance on the testnet of Algorand. We will also get to see the release of Folksy Guys, the NFT collection by Folks Finance, as an appreciation to the community members. Folks Finance doesn’t intend on keeping all the development to themselves, and the team will publish their research paper for the protocol soon. Work on the second version has already started, and they plan on adopting community-centric governance using its native token FOLKS. If you hold FOLKS tokens, you can participate in decision-making, staking, daily incentives, etc.

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