JellyFi, a capital-efficient DeFi lending protocol that will soon enable unsecured crypto lending, closed a $ 4.4 million seed funding round.
The round was led by Lemniscap and joined by ParaFi Capital, Tioga Capital, White Star Capital, DeFiance Capital, True Ventures, Digital Currency Group, Genesis, Divergence Ventures, AngelDAO and several angel investors.
The funds will be used to support the growth of JellyFi through R&D, key recruitments and the completion of several audits.
Founded in 2021 by Alexis Masseron, CEO, JellyFi addresses capital inefficiencies in the DeFi loan market. With JellyFi, Liquidity Providers (LPs) will enjoy higher returns than oversized lending platforms, while having granular control over their investment portfolios. Lenders will be able to do their own risk assessment, choose who they lend to and specify their lending rate. Therefore, lenders will not have to lend to borrowers they do not trust, or be exposed to unnecessary defaults because they were outvoted when the loan was approved. . There will also be a verification process which will add an additional level of confidence for the lenders.