- Lead by RockawayX, Idle raised $2.4 million in strategic funding.
- For the decentralized finance market, Idle is a DAO that offers tools for hedging and yield automation.
Investment organization RockawayX led a $1.1 million strategic fundraising campaign for Idle, an on-chain platform for credit and yield.
The round also saw the participation of Fasanara Digital, bringing Idle’s total funding to $2.4 million. Idle Chief Marketing Officer Biaf said that the company intends to utilize the money, among other things, to support the development of on-chain credit infrastructure.
Idle is a decentralized autonomous organization (DAO) that offers yield automation and hedging solutions for the decentralized finance (DeFi) industry. The platform had a volume of over $2 billion and $300 million in liquidity.
According to RockawayX Credit Portfolio Manager Adam Bilko, “Idle will address the less-than-ideal value proposition and product variation lag that sophisticated allocators, like our credit strategy, have experienced in DeFi over the last few years” with this change in business model.
In November 2020, Gumi Cryptos Capital launched a seed investment round for Idle, which raised $1.2 million. The other investors included Jack Herrick, Josh Hannah, Gumi Cryptos Capital, Consensys, Qiao Wang, Imran Khan, Dialectic, BlockRock Capital, Greenfield One, Long Hash, and TheLAO.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
