October 23, 2024
Fluid Protocol has announced a successful $3.9 million seed funding round, featuring participation from notable investors including Bloccelerate, Animoca Ventures, and CMS Holdings. This funding will facilitate the launch of USDF, the native stablecoin for the Fuel Network, a modular execution layer designed to enhance decentralized finance (DeFi) capabilities. With this latest injection of capital, Fluid aims to accelerate development efforts, secure the protocol through necessary audits, and expand its team. The company previously received additional backing in the form of a direct investment and a grant from Fuel Labs.
Fluid Protocol is designed as an over-collateralized, decentralized borrowing platform tailored for the Fuel Network. It offers a way for users to unlock liquidity from their collateral without needing to sell their underlying assets. USDF, the flagship product, is an over-collateralized stablecoin soft-pegged to the US Dollar, enabling borrowers to access interest-free loans while retaining ownership of their collateral. This model is set to address the growing demand for a decentralized and stable unit of account within the Fuel community.
Looking ahead, Fluid is focused on solidifying its role in the Fuel ecosystem, having established strategic partnerships with several leading projects. The team has set its sights on an imminent mainnet launch, with plans to provide governance-free and immutable protocols that prioritize security and efficiency. Co-founder and CEO David Mass has expressed a commitment to creating solutions that adapt to the evolving needs of users, positioning Fluid Protocol as a key player in the DeFi landscape.
About Fluid Protocol
Fluid Protocol is a decentralized borrowing platform designed specifically for the Fuel Network, allowing users to unlock liquidity from their collateral without selling their assets. By offering over-collateralized loans through its stablecoin, USDF, Fluid aims to enhance capital efficiency and provide a secure borrowing experience. The platform focuses on innovation and user empowerment, aiming to meet the demands of the DeFi community effectively.
Website: https://fluidprotocol.xyz/
X: @Fluid_Protocol
About Investor
Bloccelerate
Bloccelerate is a venture capital firm dedicated to investing in blockchain technology and decentralized finance. The firm seeks to identify and support innovative projects that push the boundaries of financial systems through blockchain integration.
Location: Seattle, WA
Website: https://bloccelerate.vc/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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