DeFi platform dForce completes a $ 1.5 million financing led by Multicoin, making the fund’s first DeFi investment

The open financial integration platform dForce Foundation announced the completion of the $ 1.5 million financing led by Multicoin Capital, with Huobi Capital and the previous round of investors, China Merchants Bank International (CMBI). Yang Mindao, founder of dForce, said that dForce’s goal is to become the world’s first open financial integration platform. This round of financing is used to expand the team, deploy a series of new agreements this year, and expand the business to overseas markets. dForce is the first DeFi project invested by Multicoin Capital, a cryptocurrency investment fund, and the second Chinese team to invest after Nervos. Among other investors in this round, Huobi Capital is the investment institution of Huobi Exchange and is currently developing two of its own products, HBTC and HUSD, and CMB International is a wholly-owned subsidiary of China Merchants Bank. The dForce team has developed multiple protocol-level DeFi products, covering product lines ranging from asset agreements, loan agreements, and transaction agreements, including synthetic index fiat currency stable currency agreement USDx, loan agreement Lendf.Me, an interest optimization agreement, stable currency conversion Toolkit X-Swap and the stablecoin version of Uniswap reserve agreement S-Swap. Among them, Lendf.Me’s assets are close to 30 million US dollars, and there are nearly 10 million US dollars of outstanding loans. It has grown into the largest legal currency stable currency lending agreement, and is also one of the world’s largest open financial lending markets. In addition, the dForce network also issued the native token DF. As a utility token, DF will be used for transaction services, community governance, network incentives, validator deposits, and derivatives collateral.