The Decentralized finance is seeing more funds inflow as new projects, Pollen and Traders Joe got a total of $10 million funds raised on Thursday.
According to a report on a crypto blog, the DeFi protocol based on Avalanche, Trader Joe scooped about $5 million in its private token sale. The funds were planned to be directed towards the expansion of staff in the nearest future. Currently, the firm has 15 staff and hopes to increase it to about 20.
One anonymous co-founder using a pseudonym, Cryptofish, tweeted that “Trader Joe began as a grassroots project with a vision to be a leading project in the Decentralized Finance. For us to have renowned investors willing to invest in the project’s vision is exciting yet humbling for us.”
The leading investors in the funding round are Mechanism Capital, GBV Capital, Not3Lau Capital, Defiance Capital, together with Three Arrows Capital, Avalanche Foundation, Coin98 Ventures, Delphi Digital, and others.
Another co-founder of the project who goes by the pseudonym “OxMurloc” said the reason for their anonymity is to allow the brand to thrive. “Compared to other fintech, our efforts are not centered on incorporating LLCs,” he said. However, he noted that they do reveal their identities to investors as required.
The DeFi project currently offers a trading platform, by the co-founder OxMurloc added that the platform would integrate lending operations soon. The native token, JOE, is currently trading at $1.24 and has gained 24.1%.
“Our vision remains to establish a fast and agile platform that will serve the users interested in DeFi,” Trader Joe posted on Twitter.
Pollen Secured $5 Million in Funding
Also, today, a decentralized asset management protocol, Pollen got $5 million in its seed funding, as revealed on Thursday.
The funding round was supported by AlphaBit and The Graph, and it is targeted towards their upcoming launch, including two native tokens and a DAO platform.
Philip Verrien, the CEO and founder of Pollen, said his intention for creating pollen last year was to bridge the gap he noticed in the DeFi Space. “The gap,” he said, “is the absence of functional and truly decentralized indices.”
We developed our idea of DAPP that collates intelligence from its strongest traders to create a financial meritocracy where our strongest traders are the driver for the value of our index, thereby benefitting the whole community.
Pollen will be launched in the coming months on the Polygon and Ethereum networks. And the DAO has the intention of launching on other blockchains.
The latest funding news in the space is the Alpaca and Off-chain funding that saw the projects bagged a total of $170 million in a Series B funding on the 31st of August.