Teller, a San Francisco, CA-based blockchain project for decentralized lending incubated by A16Z’s crypto startup school, raised $1m in seed funding.
The round was led by Framework Ventures, followed by Parafi Capital and Maven11 Capital.
The company intends to use the funds to continue to expand its development efforts.
Led by Ryan Berkun, founder and CEO, Teller is introducing an undercollateralized DeFi lending protocol that can offer credit risk analysis. It will aggregate data from legacy credit scoring systems, like Equifax, into decentralized lending markets.
The protocol aims reduce lending risks for crypto holders and allow anyone to launch decentralized lending markets that can offer unsecured cryptocurrency loans.
Teller will act as a middleware protocol for the DeFi industry, enabling the development of lending markets that interoperate with centralized financial data providers via a cloud-based infrastructure composed of a distributed node network. By leveraging this network, where selected nodes perform cloud operations, Teller will aggregate an individual’s existing financial information and utilize the protocol’s open-sourced, credit risk algorithms to assess their creditworthiness and offer loan terms. Teller Protocol – a protocol that will let developers create unsecured lending markets on the Ethereum blockchain that can interoperate with centralized data providers and credit bureaus to calculate consumer credit risk for loans.
FinSMEs
17/07/2020