Tulip Protocol on Solana raises $5 million

Tulip Protocol, a yield aggregator for cryptocurrency lending (formerly SolFarm) built on Solana, has raised $5 million from strategic partners.

The Tulip team is excited to announce that we have completed a raise of $5MM from strategic partners @jumpcapital @AlamedaResearch @ambergroup_io https://t.co/tSP8iReKzc @fisher8cap @cmsholdings @rarestonecap @fintech_io @DV_Chain pic.twitter.com/6AfRJR2s6w

— Tulip Protocol (@TulipProtocol) October 27, 2021

Lead investors were Jump Capital and Alameda Research. Financing through a private token sale was also provided by Amber Group, Cadenza Ventures, CMS Holdings, FinTech Collective, and others.

We’ve also received support from angels including @Darrenlautf @Fjvdb7 @lightcrypto @OrthoTrading‘s Joshua Green @cindyleowtt @zoomerjd @noahdummett

A special thank you to @egirl_capital chads @Fjvdb7 and @hedgedhog7 for their support and assistance during the raise

— Tulip Protocol (@TulipProtocol) October 27, 2021

Before the rebranding, SolFarm was one of the winners of the Solana Season hackathon — its prize was $25,000. Users of the aggregator can place assets on crypto lending platforms and create their own lending markets.

According to DeFi Llama, at the time of writing Tulip Protocol had more than $800 million in funds locked.

The project team will deploy the funds to develop the protocol and expand the staff. Tulip currently employs six people.

Previously, Grape Network on Solana raised $1.2 million, and the asset-management protocol Synchrony Finance secured $4.2 million in a strategic financing round.

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