Kyoko Finance has raised $3M
Kyoko.finance, the DAO-to-DAO credit provider and cross-chain GameFi NFT lending market for guilds and players announced today that it has raised $3 million in its private funding round led by Animoca Brands, with other investors including Infinity Ventures Crypto (IVC), YGG SEA, Morningstar Ventures, AXIA8, Red Building Capital, NGC Ventures, Momentum 6, BlockchainSpace, founder of BlockchainSpace Peter Ing, and Kliff Capital.
Kyoko provides liquidity solutions to the web3 market through its unsecured and collateralized DAO-to-DAO credit lending platform. The Company also addresses the most pressing issues challenging GameFi, including the rising cost of entry and siloed in-game assets across different blockchains, through its P2P NFT lending and cross-chain asset lending platforms. The team has a strong technical background and comes from senior positions at major technology companies and fintech startups across the globe.
The new funding announced today will be used to strengthen Kyoko’s position as a first-mover within the market. Kyoko will aggressively pursue strategic partnerships with DAOs, guilds, and games, while also growing its development and marketing teams to quickly scale its industry reach.
“Traditional corporate credit is a multi-trillion dollar industry in the US alone. There’s never been a better time to bring this demand to blockchain — and Kyoko has the right team and resources to do it,” said Steve Hopkins, Head of Investor Relations and Business Development at Kyoko. “This investment will allow the Kyoko team to quickly expand its credit lending solutions for blockchain-based institutions and capture this untapped opportunity.”
Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “As one of the world’s largest investors in NFT-related companies and decentralized projects, Animoca Brands is keenly aware of the value that blockchain-based credit is able to offer to the open metaverse ecosystem, and we recognize the strong potential of Kyoko’s liquidity solutions.”
Kyoko’s P2P NFT lending platform is currently in its test launch phase and its DAO-to-DAO lending and cross-chain asset lending platforms will be released later in Q1 2022.
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