Sep 21, 2020 at 13:00 UTC
APY.Finance, a yet-to-launch decentralized finance (DeFi) yield farming aggregator, announced Monday that it has completed a $3.6M seed funding round joined by investors including Arrington XRP Capital, Alameda Research, Cluster Capital and CoinGecko.
- According to a press release emailed to CoinDesk, APY.Finance is building an automated investment service platform that will allow users to earn yields across a variety of DeFi products in a “in a risk/reward optimized way.”
- The seed investment will be used for developing the platform, performing audits and risk insurance.
- DeFi projects offer users incentives to deposit tokens and provide liquidity to their protocols, a practice popularly known as “yield farming.”
- “Yield farming today presents users with a high barrier-to-entry, cost, and risk,” said Will Shahda, CEO of APY.Finance. “APY solves these pain points by giving users a low-cost frictionless way to pool their liquidity and allocate it across a portfolio of strategies.”
- APY.Finance said it’s targeting mid-October for a full-scale rollout of its platform.
- The aggregation platform further plans to issue a native “governance token,” APY, to help decision making on its protocol.
- According to the release, a public sale of APY tokens is expected to kick off this month in what it’s calling an “Initial DEX Offering.”
Also read: How Normies Are Getting Crypto-Rich With DeFi
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