Blockchain Startup RAI Finance Raises $1.5M USD In Funding

Blockchain Startup RAI Finance Raises $1.5M USD In Funding

October 26, 2020

Blockchain-based decentralized finance (DeFi) protocol RAI Finance has raised $1.5 million in a funding round.

RAI Finance is building a DeFi ecosystem with a higher amount of liquidity and diverse set of financial use cases by integrating with Polkadot, a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. According to the startup, when this feature set is combined with the cross-chain compatibility of the Polkadot ecosystem, it eliminates fragmentation across the existing DeFi ecosystem by bringing a complement of new assets and a higher amount of liquidity to DeFi.

“Rai Finance, combined with Polkadot’s cross-chain compatibility, was created to solve problems in building DeFi-based digital assets and supplying liquidity to existing distributed financial ecosystems,” the company said.

The latest funding is led by global crypto funds such as GBIC and Alphabit. GBIC has invested in many well-known blockchain projects worldwide including Oasis Labs, Theta, and Iotex. Similarly, Alphabit is a global crypto fund known for investing in projects such as Bella.

“We are pleased to attract strategic investment from global crypto funds ahead of the launch of Rai Finance,” said Lee Keonho, CEO of Rai Finance. “We will strive to complement and further develop the existing distributed financial ecosystem through Rai Finance.”

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