Idle Finance – the decentralized yield aggregator- has just announced the closing of their $1.2M seed round lead by gumi Cryptos Capital, Quantstamp, TheLAO, Dialectic, BlockRock Capital, and more.

We are excited to announce our $1.2M seed round!

The financing is led by @CryptosGumi with participation from Richard Ma from @Quantstamp, @Greenfield1One, @TheLAOOfficial, Dialectic (@rzurrer), @brcapital_fund, @longhashhatch, and other DeFi angels.https://t.co/AgzHF1fO9r

— idle (@idlefinance) November 17, 2020

In the spirit of transparency, the team has communicated that the majority of funds will be used to grow the ecosystem and support important protocol developments as well as key governance proposals. The team also has plans to contribute back to the community by organizing roundups and joining hackathons in an advisory role to help other early projects successfully build ontop of Idle. The exact governance structure for Idle has yet to be revealed but official updates on that will be coming in the next week.

The Idle Finance team has been building in DeFi since the early days and actually started as a hackathon project in the summer of 2019.  The project’s goal is to provide a trustless platform for algorithmic capital allocation across the various yield-generating protocols that exist in DeFi today. The investors that led this round believe that Idle’s product strategy will attract users of all different risk profiles and help push the mass adoption of yield generating products in DeFi. Users of Idle’s products will be able to save and earn passive income with less friction especially as DeFi becomes increasingly complex for the average individual user without a certain degree of technical competency.

As of today, Idle is integrated with Compound, fulcrum, Aave, Dy/Dx, and Maker. When users deposit stablecoins into an Idle strategy, the protocol helps users manage their digital asset allocation among the third-party DeFi protocols that were previously listed. Idle rebalances your current allocations to achieve optimized interest rates, based on the specific parameters of the strategy you choose to deposit into.

To keep up with the latest announcements on Idle, follow Idle on Twitter.

The post Idle Finance Closes $1.2M Seed Round appeared first on DeFi Rate.

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