It seems that there is a new project in the focus of companies that are famous in the field of Bitcoin and altcoins. DeFi protocol Aurigami has raised $12 million from venture capitalists and individual investors. According to DeFi Llama, Aurigami is currently the second largest loan protocol in Aurora by TVL. Here are the details…
Aurora raises $12M in altcoin sale
Aurigami, a decentralized finance (DeFi) protocol based on the Aurora network, has raised $12 million in token rounds. Sharing the news on Thursday, Aurigami announced that $9.5 million of the total funding has been raised through a private token sale. On the other hand, he said that $2.5 million was raised through an initial exchange offering (IEO) on KuCoin, Bybit, and Impossible Finance. The private token sale closed in February and the IEO in May.
Crypto venture capital firms Dragonfly Capital and Polychain Capital co-led the private token round. Other investors included Coinbase Ventures, Alameda Research, Jump Crypto, Amber Group and QCP Capital. Angel investors also participated in the sale, including Aurora CEO Alex Shevchenko, Etherscan CEO Matthew Tan, former ParaFi partner Santiago Santos, and CoinGecko co-founders Bobby Ong and TM Lee.
Investors buy PLY
Investors bought Aurigami’s native token PLY. According to CoinGecko, it is currently trading around $0.001, down 95 percent from its all-time high of about $0.02. However, with the investment news, it rose from $0.001192 to $0.00204. Thus, it recorded an increase of 70 percent. However, at the time of writing, it has dropped to $0.0013. Still, its increase in the last 24 hours is over 15 percent.
Aurigami was launched earlier this year. It is a lending and borrowing protocol on Aurora, a subnet of the NEAR Blockchain. According to data from DeFi Llama, Aurigami is currently the second largest loan protocol on Aurora after Bastion. Its total current value in locked (TVL) is over $20 million, while Bastion’s TVL is over $130 million.
When asked how Aurigami plans to increase its TVL, co-founder EY Tan said the project has two main plans in this regard. The first is to activate NEAR’s native stablecoin, the USN, as a loanable asset. Second, to support cross-chain lending and borrowing. Tan said that with the fresh capital he has, he plans to increase the current team size to 10 and expand his ecosystem. The project currently mainly recruits developers.
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