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

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.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC