Flurry Finance, a DeFi protocol offering yield aggregation, successfully completed its latest funding round, which raised $3 million.
The funding round saw the participation of GenBlock Capital, Shima Capital, One Block, Soul Capital, AU21 Capital, CoinUnited.io, and Dutch Crypto Investors. Notably, Flurry Finance plans to use its newly acquired funding to prepare for its product launch and IDO, scheduled for Q3 of 2021. In addition, the funds will also be used to enhance cross-chain interoperability, which is expected to be launched in the last quarter of this year.
While commenting on the funding round, Mike Ting, CEO of FLURRY Finance, explained:
“We are humbled to work with world-class partners such as AU21 Capital, GenBlock Capital, Shima Capital, and others. What this shows is not only a great commitment to our company but also to the industry. Our focus now is to scale our protocol while continuing to innovate and pioneer in the DeFi space. We are excited to offer users a more efficient and more convenient solution to yield farming.”
Flurry Finance is the team behind FLURRY. The platform hopes to enhance the usability of DeFi products while providing users with the options of accessing DeFi opportunities and grow their crypto assets. FLURRY issues rhoTokens which are backed by stablecoins. FLURRY searches for the best transaction fee-adjusted yield for their users backing stablecoins. Notably, rhoTokens eliminates the tedious process of locking/ unlocking and switching in and out of different DeFi products to generate yield. The process is fully transparent, allowing users will see the balance in their wallets grow to reflect the interest earned. This is all done automatically and continuously. Since rhoToken is pegged 1:1 to the underlying stablecoin, rhoTokens have the same value as the underlying stablecoins. This allows them to be used as a medium of exchange.
Excited about the funding round, a company representative of AU21 Capital explained:
“With its founding team of seasoned operators who have extensive experience in this space, FLURRY Finance is pioneering the global trend towards yield aggregation. We are proud to back FLURRY Finance and eager to see the next step in their journey. We look forward to supporting the team in its next phase of development as it continues delivering on growth and innovation.”