Venture capital agency Andreessen Horowitz has led a $25 million funding spherical for crypto lending startup Compound.
On Nov. 14, Fortune reported that Compound, a decentralized finance (DeFi) lending protocol, secured $25 million in an funding spherical led by Andreessen Horowitz’s a16z, with participation from different prime traders together with Paradigm, Bain Capital Ventures and Polychain Capital.
To combine with crypto exchanges, custodians, wallets
Compound CEO and co-founder Robert Leshner mentioned in an interview with Fortune that the corporate now has over $150 million in property on its platform and that the contemporary $25 million funding will go in the direction of making the service extra accessible to odd individuals. Andreessen Horowitz normal companion Chris Dixon commented on the partnership:
“Compound is a lending protocol that is open to anyone in the world, that disintermediates banks and allows anyone to earn interest on their money […] We’ve worked with Robert and his team for over two years and think they are world class technologists and entrepreneurs.”
The San Francisco-based startup is an automatic crypto lending platform that has predominantly focussed on working with large-scale clients. However, Leshner talked about that the corporate will quickly begin to cooperate with crypto exchanges, wallets and custodians for wider market enlargement, so retail traders can even be capable of use its companies.
Integration with these further crypto platforms is deliberate to happen by the top of 2020.
Andreessen Horowitz invests in Arweave
At the start of November, Arweave, a blockchain startup centered on everlasting on-line information storage, attracted $5 million in one other funding spherical led by Andreessen Horowitz’s a16z, with the participation of Union Square Ventures and Multicoin Capital.