Port financing, the Solana-based lending protocol with the vision to bring a full range of interest rate products to DeFi users, raised $ 5.3 million in its last strategic funding round.
The cycle is led by Alameda Research with the participation of Spartan group, Brevan Howard, and A41. Port Finance’s list of existing investors also includes Jump Capital, the Solana Foundation, GSR and Defi Alliance.
Port Finance was the first to launch a floating rate loan product on Solana’s mainnet in July 2021. The platform now supports 13 different assets from the Solana, Ethereum, Terra and Bitcoin networks and previously reached a value total of more than $ 300 million in locked assets. the platform.
With the latest fundraising, Port Finance will expand its current product offering to include fixed rate loans and interest rate swaps. Port Finance’s latest product, Sundial, went live last week and was the first to offer fixed rate loans on the Solana blockchain from the USDC. “We are delighted to see Port Finance build a fixed rate loan product based on Serum’s order book”, says Alameda Research.
” Fixed rate loans are a huge untapped opportunity in DeFi. In traditional finance, fixed rate credit is 25 times greater than variable rate credit. We expect to see fixed rate loans to grow exponentially in DeFi, ” says GW, co-founder of Port Finance. âInstitutional investors have expressed an interest in borrowing US dollars against their token holdings at a fixed interest rate. Port Finance expects to work closely with them as the product matures.
Port Finance has secured more than 30 integrations and partnerships since its launch. He will continue to work with developers within the Solana ecosystem and support integration projects with Port Finance via the new grant for the port ecosystem. Over the next few months, Port Finance will also deploy a governance module with a staking mechanism to further align token holders with the project.
About port finance
Port financing is a decentralized money market protocol on Solana, aimed at providing a full range of lending products including, but not limited to, variable rate loans, fixed rate loans and interest rate swaps . The Port Finance team brings engineering experience to technology companies like Google, Facebook and Microsoft, and has already contributed to Solana and Serum. The PORT token is currently traded on FTX, Ascendex, Gate.io, Serum, Raydium and Orca.