Blueprint Finance, a company building the Concrete Protocol, a native on-chain credit market, raised $7.5M in funding.
The round was led by Hashed and Tribe Capital, with participation from SALT, Hypersphere, Lightshift, Awesome People Ventures, Veris Ventures, WWVentures, Avalanche Foundation, Kronos Research, Terra Nova, and Hyperithm.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Nic Roberts-Huntley, Blueprint Finance is building the Concrete Protocol, a native on-chain credit market that provides liquidation protection and yield optimization. It allows users to minimize the need for idle capital on hand by protecting leveraged positions against collateral depreciation. Concrete then offers attractive yield opportunities for liquidity providers to fund these protective tranches of capital for positions in need. Using a series of quantitative methodologies, it calculates the probability of collateral depreciation over time and creates a fully automated protection agreement to fund a position as it approaches liquidation thresholds.
Commenting on the news, Nic Roberts-Huntley said: “This financing is a significant milestone for us as a company. With Concrete, we are in a position to solve the most pervasive issues in crypto and build the foundational layer for on-chain credit. DeFi is approaching a major inflection point, and lending activity will massively increase. We support existing activity and importantly unlock brand new markets in DeFi.”
FinSMEs
15/02/2024