Archimedes, a Miami, FL-based provider of a DeFi lending and borrowing marketplace, raised $4.9M in Seed funding.
The round was led by Hack VC with participation from Uncorrelated Venture, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC, and Palsar. Prior to this raise, Archimedes had a pre-seed funding round, which raised $2.4M.
The company intends to use the funds to accelerate growth and expand operations.
Archimedes is a lending and borrowing marketplace that utilizes NFTs and industry best practices, in an interoperable, and efficient DeFi experience. Leverage takers that use Archimedes are sent an NFT which represents a yield-generating stablecoin position that has been leveraged at up to 10 times the principal collateral amount. By solving the pool reward sustainability issue, Archimedes is charging stablecoin assets and making it easier for investors to generate APYs without any of the pool hopping or portfolio management and capital deployment overheads currently faced by DeFi investors.
FinSMEs
04/02/2023