Of Us Finance Raises $75 Million in Strategic Funding, Valued at $75 Million

Of us Finance has announced a $75 million Strategic Fundraise led by Borderless Capital, bringing total investments to $7.5 million. This funding will fuel the launch of a Cross-Chain expansion of Of us' DeFi suite, powered by Wormhole, Chainlink CCIP, and Circle CCTP. The expansion aims to provide an alternative to Centralized Crypto Exchanges, offering safe, transparent, and efficient financial instruments powered by smart contracts.

Of Us Finance Secures $75 Million in Strategic Fundraise, Valued at $75 Million

New Investment Fuels Cross-Chain Expansion of DeFi Protocol

Of Us Finance, a leading decentralized finance (DeFi) application on the Algorand blockchain, has successfully concluded a strategic fundraise led by Borderless Capital. The fundraise, which values Of Us Finance at $75 million, brings the total investment in the protocol to $7.5 million.

This significant investment will serve as the driving force behind Of Us Finance's ambitious cross-chain expansion, which will leverage the capabilities of Wormhole, Chainlink CCIP, and Circle CCTP. The expansion aims to extend the availability of Of Us Finance's comprehensive suite of DeFi offerings across various blockchains, starting with lending markets.

Positioning as a Decentralized Alternative to Centralized Crypto Exchanges

With a proven track record of success, having surpassed $100 million in total value locked (TVL) and 10,000 monthly active wallets over the past two years since its mainnet launch, Of Us Finance is poised to revolutionize the DeFi landscape. The team's vision is to provide a decentralized and transparent alternative to centralized crypto exchanges, offering secure and user-friendly financial tools empowered by smart contract technology.

The Of Us Finance product suite encompasses a broad spectrum of DeFi services, including lending and borrowing, swaps, leverage trading, fiat on/off ramping, liquid staking, and leveraged liquid staking.

Cross-Chain Connectivity via Chainlink CCIP, Wormhole, and Circle CCTP

To facilitate cross-chain messaging and asset transfers, Of Us Finance will leverage the capabilities of Chainlink CCIP, Wormhole, and Circle CCTP in its upcoming Hub & Spoke lending platform. The initial deployment phase, scheduled for April 2024, will include Avalanche, Base, Ethereum, and Arbitrum. The team anticipates integrating approximately 15 blockchains by the end of the year, enabling users to seamlessly interact with the Of Us Finance ecosystem across a diverse range of networks.

User Empowerment and Community Unification

By providing interoperability across blockchains, the Of Us Finance platform empowers users with complete control over their portfolios, regardless of their preferred blockchain or wallet. This approach concentrates liquidity and fosters a unified Of Us Finance community spanning all connected chains, promoting synergy and collaboration within the DeFi ecosystem.

Governance Token and Strategic Investment

The product roadmap outlines the upcoming launch of the FOLKS governance token following the completion of the cross-chain expansion. This governance mechanism will provide the community with a direct voice in shaping the future of the Of Us Finance platform.

The strategic fundraise has attracted a prestigious consortium of investors, including industry leaders Borderless Capital, Algorand Ventures, Mapleblock, DCI, DuckDao, HC Capital, and Titan Ventures. This diverse group of strategic partners reflects the widespread confidence in Of Us Finance's innovative vision and its transformative potential within the DeFi sector.

Executive Quotes

Benedetto Biondi, CEO of Of Us Finance, expressed his enthusiasm for this significant milestone in the company's journey:

"Of Us Finance has achieved another pivotal milestone on its growth trajectory. We have meticulously selected the most suitable partners to support our ambitious expansion plans, and we are eager to harness the expertise and resources of our new investors to drive Of Us Finance towards even greater heights in 2024."

David Garcia, Managing Associate at Borderless Capital, hailed the successful funding round as a testament to Of Us Finance's unwavering commitment to innovation in the DeFi industry:

"This fundraise validates Of Us Finance's unwavering commitment to transforming the DeFi landscape. With a compelling roadmap and the support of a world-class group of investors, Of Us Finance is well-positioned to lead the next wave of financial innovation, empowering users with decentralized and transparent financial tools."

Conclusion

Of Us Finance stands as a pioneering force in the DeFi space, continuously pushing the boundaries of innovation and offering a comprehensive suite of financial services that seamlessly integrate across multiple blockchains. The strategic investment of $75 million, led by Borderless Capital, is a resounding endorsement of the company's vision and will fuel the expansion of the Of Us Finance ecosystem, empowering users with more choice, flexibility, and control over their digital assets.