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Archimedes, a decentralized finance (DeFi) lending and borrowing marketplace that is launching this month, has secured another round of funding, the company said in a statement Wednesday.
The recently closed seed-funding round of $4.9 million was led by Hack VC. It adds to $2.4 million of pre-seed funding for a total of $7.3 million in pre-launch fundraising, the Miami-based company said.
Seed-round backers included Uncorrelated Venture, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC and Palsar among others.
Archimedes said it offers leverage that multiplies a user’s original yield opportunity. Leverage takers using the platform are sent a non-fungible token (NFT) that represents a yield-generating stablecoin position that has been leveraged up to 10 times the principal collateral amount.
DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain. NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.
The company said its mission is to make capital efficient DeFi opportunities more accessible.
