The cryptocurrency-focused venture firm Polychain Capital led a private funding round for the California-based project Findora, one of whose advisers is Balaji Srinivasan, the former CTO of Coinbase.
The deal amount was not disclosed, but, CoinDesk, citing a message from Findora representatives on Telegram, says it amounts to “tens of millions of dollars”.
The project was also invested in by Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Li, co-founder of Foxconn’s FNConn financial platform.
Findora aims to build DeFi infrastructure for users who wish to prove ownership of a certain value without disclosing transaction details or the names of participating parties.
Balaji Srinivasan, Coinbase’s CTO and Earn founder, has left.
The project positions itself as a “cryptographically transparent blockchain for building applications in decentralised finance” and uses technologies such as zero-knowledge proofs and Pedersen commitments.
Representatives of Findora say that their solution will address “many of the pain points of traditional finance” and the DeFi sector, including limited access to financial services, over-collateralisation and insufficient interoperability and scalability.
In a separate press release Findora announced публичный токенсейл to run from 28 December 2020 to 11 January 2021.
In November, Polychain Capital invested in the DeFi project yEarn Finance (YFI).
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