Kyoko.finance, a DAO-to-DAO credit provider and cross-chain GameFi NFT lending market is pleased to announce it has raised $3 million in its private funding round.
As per the announcement, led by Animoca Brands, the funding round saw numerous key investors come together, including Infinity Ventures Crypto (IVC), Momentum 6, Red Building Capital, Morningstar Ventures, NGC Ventures, BlockchainSpace, YGG SEA, AXIA8, founder of BlockchainSpace Peter Ing, and Kliff Capital.
The new funding will reportedly strengthen Kyoko’s position as a first-mover within the market. Kyoko will also use this funding to aggressively pursue strategic partnerships with DAOs, games, and guilds. Notably, the funding will also help the project in the ongoing test launch phase for its P2P NFT lending platform and soon be released DAO-to-DAO lending and cross-chain asset lending platform.
Commenting on the project, Steve Hopkins, Head of Investor Relations and Business Development at Kyoko, explained:
“Traditional corporate credit is a multi-trillion-dollar industry in the US alone. There’s never been a better time to bring this demand to blockchain – and Kyoko has the right team and resources to do it. This investment will allow the Kyoko team to quickly expand its credit lending solutions for blockchain-based institutions and capture this untapped opportunity.”
Kyoko was created to provide liquidity solutions to the Web3 market by using its collateralized DAO-to-DAO credit lending platform. In addition to lending, the platform also sought to address issues within GameFi, such as rising cost of entry and soiled in-game assets across the different blockchain. Kyoko addresses these challenges through its P2P NFT lending and cross-chain asset lending platforms.
Additionally, Kyoko intends to use part of the funding to grow its development and marketing team that will help grow its ecosystem. Note that the current team has a strong technical background and years of experience from senior positions at major technology companies and fintech startups.
Adding on the project, the executive chairman and co-founder of Animoca Brands, Yat Siu, commented:
“As one of the world’s largest investors in NFT-related companies and decentralized projects, Animoca Brands is keenly aware of the value that blockchain-based credit can offer to the open metaverse ecosystem, and we recognize the strong potential of Kyoko’s liquidity solutions.”
