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Finance

Affine Protocol Raises $5.1M From Industry Heavyweights to Develop DeFi Yield Offering

The round was led by Jump Crypto and Hack VC and included contributions from Circle Ventures and Coinbase Ventures.

By Jamie Crawley
AccessTimeIconFeb 23, 2023 at 3:00 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC
money funding coins

(Shutterstock)

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Decentralized protocol Affine has raised $5.1 million in a seed funding round led by Jump Crypto and Hack VC and including contributions from Circle Ventures and Coinbase Ventures.

Ethereum and Polygon-based Affine gives users access to diversified yield across decentralized finance (DeFi) platforms. Affine's aim is to address challenges around impairment loss in liquidity providing. Its flagship basket USD Earn offers automated diversification and yield via liquidity management strategies.

“The market is moving to a multi-chain world which only makes participating in DeFi harder," Polygon co-founder JD Kanani said. "Affine is ahead of the curve in helping end users tackle this complexity in a sustainable way.”

The vast range of DeFi platforms and tokens can make it a foreboding world to enter for the novice investor, not helped by the risk of hacks, exploits, rug pulls and so on. Tools that can simplify the process in the way Affine claims to be able to do could therefore prove to be high in demand.

Read more: BlockTower Capital Loses $1.5M in DeFi Market Aggregator Dexible Exploit: Blockchain Data




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Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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