The popular Defi project has announced a successful Series A round led by Alameda Research to cement further development of the protocol.
Interest Rate Products on Solana Get a Boost
Port Finance announced that the protocol has successfully raised $5.3 million in a Series A funding round.
The December 24 announcement explained the strategic funding round was led by Alameda Research and supported by investments from Spartan Capital, Brevan Howard, and a41 Ventures, amongst other angel investors. The protocol intends to use this fund to realize the objective of becoming an integral part of Solana’s liquidity layer. The protocol has been a part of over 30 integrations and partnerships across the Solana ecosystem.
“Port Finance’s Strategic Series A fundraise forges key partnerships for the protocol and provides it the resources to invest in building bigger, better, and more secure money market products for our users. The Port team is full of energy, and we are excited for what’s to come,” mentioned the official Medium blog about this funding round.
“Our goal at Port Finance has always been to bring a suite of interest rate products to Solana. We have launched our March 2022 USDC fixed-rate lending for our users. Port Finance’s next phase of development will be focused on extending our Fixed-Rate Lending Products to support more assets and also enabling fixed-rate borrowing against collateral. Our article here, charts out the market opportunity and our implementation infrastructure for Fixed Rate Lending Products on Port Finance,” further added the blog.
The protocol has also revealed the plan to establish a formalized decentralized autonomous organization (DAO) within which the PORT token, the native token of the protocol, will serve as the core to align a shared vision for all the stakeholders of the ecosystem.
What is Port Finance?
Port Finance is a decentralized money market protocol built on the Solana blockchain network. The protocol aims to provide a full suite of lending products that will include variable-rate lending, fixed-rate lending, and interest rate swaps, amongst other products. The team behind the protocol has experience with tech giants like Google, Facebook, and Microsoft while also contributing to Solana and Project Serum previously.
Source: Solana News