Port Finance raises a $5.3M strategic spherical to supply mounted

Kingstown, St. Vincent, Dec. 23, 2021 (GLOBE NEWSWIRE) — Port Finance, the Solana primarily based lending protocol with the imaginative and prescient of bringing a complete suite of rate of interest merchandise to DeFi customers, has raised $5.3M in its newest strategic funding spherical.

The spherical is led by Alameda Analysis with participation from Spartan Group, Brevan Howard, and A41. Port Finance’s checklist of present traders additionally embrace Bounce Capital, Solana Basis, GSR, and Defi Alliance. 

Port Finance was the primary to launch a variable charge lending product on Solana’s mainnet in July 2021. The platform now helps 13 totally different property from the Solana, Ethereum, Terra and Bitcoin community and beforehand reached a complete worth of over $300M in property locked on the platform. 

With the most recent spherical of funding, Port Finance will lengthen its present product providing to fixed-rate lending and rate of interest swaps. The newest Port Finance product, Sundial, got here stay final week and was the primary to supply fixed-rate lending on the Solana blockchain beginning with USDC. “We’re excited to see Port Finance construct a set charge lending product leveraging the Serum orderbook”, says Alameda Analysis. 

‘’Mounted-rate lending is a large untapped alternative in DeFi. In conventional finance, fixed-rate lending is 25 occasions that of variable charge lending. We anticipate to see mounted charge lending develop exponentially in DeFi,’’ says GW, Co-Founding father of Port Finance. “Institutional traders have expressed curiosity in borrowing USD in opposition to their token holdings at a set rate of interest. Port Finance expects to work with them carefully because the product matures.”

Port Finance has secured over 30 integrations and partnerships since its launch. It’ll proceed to work with builders inside the Solana ecosystem and assist initiatives integrating with Port Finance through the newly arrange Port Ecosystem Grant. Over the approaching months, Port Finance may also be rolling out a governance module with a staking mechanism to additional align token holders with the mission. 

About Port Finance

Port Finance is a decentralized Cash Market protocol on Solana, aiming to offer a full suite of lending merchandise together with however not restricted to: variable charge lending, mounted charge lending and rate of interest swaps. Port Finance’s group brings engineering expertise from tech firms like Google, Fb, and Microsoft, and beforehand contributed to Solana and Serum. The PORT token is at present traded on FTX, Ascendex, Gate.io, Serum, Raydium and Orca. 

Media Contact: Gabriel Wong, gw@port.finance