June 19, 2024

Compound's DeFi Service Raises $ 25 Million From Big Ventures

San Francisco-based startup Compound, which developed the DeFi protocol of the same name, raises $25 million in a funding roundSeries A, led by Andreessen Horowitz.


Other participants include Bain Capital Ventures, Polychain Capital, and Paradigm.

The company intends to conclude agreements with a number ofexchanges and brokers, convincing them to use the Compound protocol instead of creating their own unit for lending. At the same time, Compound does not yet have a clear business model.

According to DeFi Pulse, the protocol has frozen assets of $ 102.7 million, which bring passive income to users.

Earlier, Vitalik Buterin said that the DeFi segment of decentralized applications on Ethereum has already achieved significant success.

Read more about DeFi in a special ForkLog material:

How bitcoin and other cryptocurrencies can attract investors tired of low interest rates