Rai Finance Successfully Raises $1.5 Million in Funding Round

Place/Date: Korea - October 23rd, 2020 at 7:47 am UTC · 2 min read
Source: RAI Finance

The blockchain-based decentralized finance (DeFi) protocol RAI Finance announced that it has succeeded in attracting approximately $1.5 million worth of strategic investment led by global crypto funds including GBIC and Alphabit.

Rai Finance is a project which seeks to build a DeFi ecosystem with a higher amount of liquidity and diverse set of financial use cases by integrating with the Polkadot ecosystem. 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 ~1.5 million USD investment in Rai Finance is led by global renowned 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.

Lee Keonho, CEO of Rai Finance, said:

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

About RAI Finance

RAI Finance is a protocol designed to provide DeFi with a wider range of assets, a higher amount of liquidity, and a diverse set of financial use cases. 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 decentralized finance.

About Polkadot

Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. Designed as part of a broad vision for a web that returns control to individuals over internet monopolies, Polkadot builds on the revolutionary promise of previous blockchain networks while offering several fundamental advantages.