Foxconn's Jack Lee Join 8-Figure Round for 'Open Finance' Project Findora

The round, said to be in the in the "tens of millions," was led by cryptocurrency venture capital firm Polychain Capital.

AccessTimeIconDec 16, 2020 at 8:42 a.m. UTC
Updated Sep 14, 2021 at 10:43 a.m. UTC

Decentralized finance (DeFi) blockchain project Findora has received an eight-figure funding round.

Announced Wednesday, the private funding was joined by notable investors including Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Lee, founding partner of Foxconn's financial platform FNConn.

The investment amount was not disclosed but was in the "tens of millions," a spokesperson told CoinDesk via Telegram.

The project aims to flesh out DeFi infrastructure for users looking to prove a particular value without needing to disclose the exact details of a given transaction, or the identity of the parties involved. The project describes itself as a “cryptographically transparent public blockchain for building decentralized financial applications.”

The project utilizes zero-knowledge proofs, accumulators and Pederson homomorphic commitments, among other techniques, to enable "privacy-preserving transparency."

Bank of Asia and Chinese internet giant Tencent are among the list of partners leveraged by the project to gain a wider reach within international markets. According to a press statement, the project was designed in order to fix "many of traditional finance's pain points."

The Findora Foundation said DeFi has been one of the "key focus areas" for the budding project and claims to solve issues such as a lack of financial inclusion around the world, overcollateralization and a lack of interoperability and scalability.

Founded in 2017 at Stanford, Findora is backed by the research of academic institutions and Stanford cryptographers.

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