DeFi Marketplace Archimedes Raises $4.9M in Seed Round Led by Hack VC

Archimedes, a decentralized finance (DeFi) lending and borrowing marketplace that is launching this month, has secured another round of funding, the company said in a statement Wednesday.

The recently closed seed-funding round of $4.9 million was led by Hack VC. It adds to $2.4 million of pre-seed funding for a total of $7.3 million in pre-launch fundraising, the Miami-based company said.

Seed-round backers included Uncorrelated Ventures, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC and Palsar among others.

Archimedes said it offers leverage that multiplies a user’s original yield opportunity. Leverage takers using the platform are sent a non-fungible token (NFT) that represents a yield-generating stablecoin position that has been leveraged up to 10 times the principal collateral amount.

DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain. NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.

The company said its mission is to make capital efficient DeFi opportunities more accessible.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Will Canny

Will Canny is CoinDesk's finance reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.