Kyoko.finance Successfully Bags $3M Funding Round Led by Animoca Brands

DAO-to-DAO credit provider and cross-chain GameFi NFT lending market Kyoko.finance (Kyoko) successfully raised a $3 million private funding round. In detail, the funding round is led by Animoca Brands with other investors such as Infinity Ventures Crypto (IVC), YGG SEA, Morningstar Ventures, AXIA8, Red Building Capital, NGC Ventures, Momentum 6, BlockchainSpace, founder of BlockchainSpace Peter Ing, and Kliff Capital.

The funding will be used to strengthen Kyoko’s network and its current market position in the space. It will focus on the development of the network and its marketing team to expand its reach in the competitive world of crypto. In addition, the network also stated that it would continue to pursue a partnership with DAO’s, guilds and games.

Traditional corporate credit is a multi-trillion dollar industry in the US alone. There’s never been a better time to bring this demand to blockchain – and Kyoko has the right team and resources to do it,” said Steve Hopkins, Head of Investor Relations and Business Development at Kyoko. “This investment will allow the Kyoko team to quickly expand its credit lending solutions for blockchain-based institutions and capture this untapped opportunity.

In terms of technology, the network provides liquidity solutions to the web3 market through its unsecured and collateralized DAO-to-DAO credit lending platform. It also addresses the most pressing issues challenging the GameFi space. This includes the rising cost of entry and siloed in-game assets across different blockchains.

Yat Siu, the executive chairman and co-founder of Animoca Brands, explained,

As one of the world’s largest investors in NFT-related companies and decentralized projects, Animoca Brands is keenly aware of the value that blockchain-based credit is able to offer to the open metaverse ecosystem, and we recognize the strong potential of Kyoko’s liquidity solutions.

On the other hand, Kyoko’ P2P NFT lending platform is currently in its test launch phase. Its DAO-to-DAO lending and cross-chain asset lending platforms will be released later in Q1 2022.

Source: https://coinquora.com/kyoko-finance-successfully-bags-3m-funding-round-led-by-animoca-brands/