DeFi Protocol iZUMi Finance Raises $22M

The fundraising round involved issuing semi-fungible tokens.

AccessTimeIconApr 26, 2023 at 11:39 a.m. UTC
Updated May 9, 2023 at 4:13 a.m. UTC
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iZUMi Finance, a multichain decentralized-finance protocol, has closed a $22 million funding round. The money will provide early liquidity for the startup’s on-chain order book decentralized exchange, iZiSwap Pro, which is available on the zkSync Era network.

iZUMi Finance offers one-step "liquidity-as-a-service," or the conversion of one asset into another asset or cash. The platform has about $25 million in total value locked, according to Defi Llama data. The newer iZiSwap Pro product is an automated market maker-driven order book decentralized exchange that the company says reduces transaction costs and mitigates the custody risks of similar products on the market.

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  • The fundraising round was more complicated than a typical “cash in, equity out” arrangement. The company issued an iZUMi zk-Fund through strategic partner Solv Protocol that is a semi-fungible token, or SFT. Investors who purchase the fund receive an SFT in their wallet to represent their share, making them a limited partner of the fund. Upon maturity, investors can redeem the SFT for their principal.

    Investors in the round included Unicode Digital, NextGen Digital Venture, Bella Protocol and Incuba Alpha, among others.

    Edited by Sheldon Reback.


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    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

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