June 13, 2024
Qiro Finance, a Singapore-based decentralized finance (DeFi) firm, has triumphantly amassed $1.2 million in its initial pre-seed funding round. This round was spearheaded by Alliance, a nascent web3 accelerator, and saw contributions from Druid Ventures, Escape Velocity (EV3), Trident Digital, and CMT Digital.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
Qiro Finance | $1.2M | June 15, 2024 | Pre-seed | $1.2M | Alliance | DeFi |
Chris Pizzo, Co-Founder & General Partner at Druid Ventures, shared his thoughts on the investment, highlighting that Qiro has the capability to emerge as the standard credit data infrastructure. He emphasized its scalable and sturdy risk management layer at the protocol level.
On the other hand, Akshay Poshatwar, CEO & Co-founder of Qiro, conveyed his excitement for what lies ahead. He mentioned their keen anticipation to transform the private credit market. Their initial efforts will be centered on aiding fintech asset originators within the Southeast Asian (SEA) markets, with plans to extend their reach to other emerging markets. By tapping into the power of DeFi and Blockchain technology, they are determined to create a credit ecosystem that is more transparent, efficient, and accessible.
Beyond the pre-seed funding, Qiro Finance has also obtained a grant of 100,000 MATIC from Polygon, which is a part of Polygon's Village Build Ideas Program. Additionally, they have received a development grant worth $50,000 from the Aptos Foundation.
About Qiro Finance
Qiro Finance, established by Akshay Poshatwar and Nishikant Bahalkar, is dedicated to the development of a decentralized credit protocol. The objective of this protocol is to link asset originators from developing markets, particularly non-bank financial institutions (NBFIs), with international investors using blockchain and stablecoin technology. The firm has stated that the pre-seed funding will be strategically allocated towards product development and expanding their ecosystem, in preparation for the anticipated mainnet launch later this year.
The decentralized credit protocol that Qiro Finance is working on is intended to facilitate various credit applications backed by tokenized real-world assets (RWAs). This will be achieved by bringing together asset originators, investors, and credit underwriters within a cohesive framework.
Website: https://www.qiro.fi/
X Account: https://x.com/Qiro_Finance
X Followers today: 381
About Investor
Investor: Alliance DAO
Alliance is a leading crypto accelerator and founder community. It offers elite acceleration, specifically tailored for crypto. The organization provides daily 1:1 mentorship from veteran crypto founders, weekly lectures by founders of leading protocols, and immediate funding upon admission. Alliance also offers access to a network of leading crypto founders.
The accelerator program includes a 4-week in-person onboarding followed by an 8-week fully remote program for global participants. The program starts with developing relationships with peers and mentors, gaining access to founder-only forums, perks, video library, and more. This is followed by remote mentorship and lectures, demo day preparation, and finally, a demo day where products are presented to crypto’s leading VCs, angels, and advisors located in the U.S., Europe, India, Israel, and Southeast Asia.
Location: Chicago, IL
Website: https://alliance.xyz/
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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