Solana's Apricot Finance Raises $4M in 'Party' Funding Round

Apricot said it intends to use its newly raised capital to support the rollout of its flagship services.

Aug 25, 2021 at 3:46 a.m. UTC
Updated Sep 14, 2021 at 1:44 p.m. UTC

Decentralized finance (DeFi) lending protocol Apricot Finance has completed a $4 million funding round with participation from Delphi Ventures, Lemniscap and other investment firms.

  • A spokesperson told CoinDesk on Wednesday the funding was more akin to a "party round" in which multiple investors participated.
  • Solana Capital, Advanced Blockchain AG, Skyvision Capital, Ledger Prime, Valhalla Capital, MXC, Gate, a41 Ventures and several others participated.
  • The latest funding round follows $800,000 in funding that Apricot Finance received in June.
  • Apricot Finance said it intends to use its newly raised capital to support the rollout of its flagship services.
  • Apricot is a budding DeFi money market platform built on the Solana network. Its flagship services will aim to provide cross-margin leveraged yield farming and an automated self-deleveraging mechanism, the spokesperson said.
  • This year, Solana has attracted new investments to its platform either directly or via projects being built atop it. In June, Solana Labs, the firm behind the network, raised $314 million.
  • Apricot's testnet launch is scheduled for next week, and a mainnet launch is expected in September.

DISCLOSURE

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.

Trending