Ref Finance Completed $4.8M Financing Led By Jump Crypto

Time Stamp: February 20, 2022 1:53 PM
Source Node: 1180847

Ref Finance completed a $4.8 million financing round by Jump crypto with which it will expand its team and will continue to build new DeFi services as we can see further in our latest blockchain news today.

NEAR’s Blockchain ecological DeFi project Ref Finance completed a $4.8 million financing round led by Jump Crypto but there were other investors involved as well like Dragonfly Capital, Alameda Research, D1 Ventures, KuCoin Ventures, SevenX ventures, Move Capital, Kronos, OxMaki, and Canyon. Ref Finance’s latest financing will expand the team and will continue to build on Defi services and will build better products and services for customers that will support the NEAR ecosystem.

ref finance

Ref Finance now uses an algorithm such as an automatic market maker to provide Defi on-stop service for the NEAR ecosystem. Some of the DEFI protocols that the market is familiar with like Uniswap all use algorithms like automatic Market Maker and allow investors to deposit funds into the on-chain liquidity pool in advance which makes a decentralized and noncustodial manner and all the while providing seamless transactions between crypto. It also uses the stable-swap market and a version of AMM to exchange stablecoins.

The NEAR supports the trading of SOL, LUNA, ETH, and CELo tokens via the Asset Bridge for financial activities with transaction costs on NEAR being 1 cent per transaction and other transactions completed in one to two seconds.

Speaking of fundraiser programs, Venture capital firm Sequoia Capital led a financing round for Polygon and became the latest Silicon Valley company to invest in the Web3 space. According to reports, Polygon raised $450 million with Sequoia Capital leading the investment. Other companies involved in the fundraising include Alameda Research, Tiger Global, Softbank, Galaxy Digital but also individuals like Alexis Ohanian, Alan Howard, and Kevin O’Leary.

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In the meantime, Polygon is looking to allocate $100 million to a dedicated ecosystem fund that aims to be used for supporting upcoming developments on the network while the rest of the capital will be geared towards the robust growth of the platform. The fundraising round came two weeks after Polygon hired Ryan Watt who was the head of Youtube Gaming, as the new CEO of the game studio called Polygon Studios.

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