BENQI, a non-custodial liquidity market protocol built on Avalanche, announced the completion of its $6 million strategic fundraising round, led by Ascensive Asset. The list of other strategic investors included Mechanism Capital, Arrington XRP Capital, Dragonfly Capital, MarketAcross, TRGC, Spartan Group, Woodstock Fund, and more.
Explaining the importance of this investment, BENQI stated that it would leverage this support coming from key industry leaders to help navigate the protocol through its initial bootstrapping phase and cross-chain integrations. The funding would help its key projects in accelerating DeFi activity on Avalanche.
Developed by an experienced team of blockchain designers, and headquartered in Montreal, Quebec, Canada, BENQI aims at unlocking greater liquidity within the DeFi market. Leveraging the protocol, users can effortlessly lend, borrow, and earn interest with their digital assets. Depositors, acting as liquidity providers to the protocol, qualify for passive income, and borrowers can obtain loans by over-collateralizing.
In the days to come, BENQI will build bridges