Folks Finance is a Milan-based company that advances a protocol for borrowing & lending built on top of Algorand Blockchain. It has raised $3M in Seed financing.
Borderless Capital led the round with participation from Jump Crypto and ParaFi Capital as well as OKX Blockdream Ventures and OKX Blockdream Ventures. David Garcia, a crypto veteran investor, is supporting Folks Finance. He also includes Calvin Liu (ex-Strategy Lead at Compound) and several other leading Defi/Financial protocols of Algorand Ecosystem such as Algomint and Tinyman, StakerDAO and MyAlgo.
The funds will be used by the company to expand operations and to accelerate growth.
Folks Finance is led by CEO Benetto Biondi and offers a protocol for borrowing and lending that is built on the Algorand Blockchain. Folks users have the ability to deposit liquidity and earn a steady economic return immediately through lending operations. Users can borrow crypto loans using deposited funds as collateral.
After completing a protocol design review and smart contract security verification, the company is now in the phase of launching Folks Finance on Algorand TestNet. Folksy Guys will also be released, which is the official NFT collection for the Folks Finance community. The research paper for the protocol economic model will be published soon. It is also working on the milestones for version 2.0.
Folks Finance was the result of extensive research by Blockchain Italia, an Algorand-focused software house.