Affine Protocol, a decentralized app and protocol, has raised a $5.1 million seed round co-led by Hack VC and Jump Crypto, the company said in a statement.
Other notable investors who participated in the round were Coinbase Ventures, Circle Ventures, Propel VC, Spartan Capital, Global Founders Capital, FJ Laboratories, Shima Capital, Eniac, AlphaLab, Genesis Block, and Dexterity.
Affine Protocol will use the additional money to diversify its chains and increase its investment strategies. Currently, Polygon and Ethereum support the Affine system.
The DeFi protocol will be able to empower its users worldwide to combat inflation by growing their assets, powered by DeFi with real yield, thanks to the additional funding, bringing their total funding to date to $6.9 million.
The startup wants to give customers access to diversified and sustainable DeFi yields.
Users have access to diversified yield across decentralized finance (DeFi) networks thanks to Affine, an Ethereum and Polygon-based company.
Affine aims to handle difficulties with providing liquidity while dealing with impairment loss. The company’s main basket, USD Earn, uses strategies for liquid asset management to automate diversification and yield.
The market is moving to a multi-chain world, making participating in DeFi harder. Affine is at the head of the curve in helping end to tackle this complexity sustainably,” said Jaynti (JD) Kanani, Co-Founder of Polygon Technology.
Affine Protocol provides tools to ease investment in DeFi for users
Affine, founded in 2016, utilizes technology and artificial intelligence to connect developed and emerging markets.
It is a holding company for numerous businesses, investments, and projects associated with a distributed blockchain cloud infrastructure.
They aim to build a platform for economic exchange in tokenized digital securities that connects developed markets with peripheral and emerging countries.
“DeFi is one of the biggest transformations to the financial system in the last century, potentially opening up the financial system to anyone worldwide. But today, it’s incredibly difficult for the average investor to access,” said Alex Pack, managing partner at Hack VC.
“Affine is providing tools investors need to participate in the DeFi economy easily,” added Pack.
The business said that to ensure that user funds are being leveraged effectively, Affine employs automated bots to modify liquidity positions.
The protocol provides two core basket types: diversified and constantly rebalancing vaults that expose investors to Affine’s strategies.
