Element Finance, a decentralized finance (DeFi) fastened price protocol, closed a $32 million Series A funding spherical at a $320 million valuation, the DeFi challenge introduced on Tuesday.
- Polychain Capital led the spherical. Previous traders Andreessen Horowitz (a16z), Placeholder, A_Capital, and Scalar Capital participated in the spherical, which additionally included new traders Republic, Advanced Blockchain, P2P Validator, Rarestone and Ethereal Ventures.
- Element will use the funds to increase its workforce, particularly in the areas of engineering, analysis, UI, and design, the DeFi challenge mentioned.
- “Fixed rates are a stepping stone for more participants to come into the world of DeFi and we’re excited to play a role in that,” Element co-founder and CEO Will Villanueva mentioned.
- “Element is a breakthrough financial primitive that has quickly become a cornerstone of DeFi, and soon we think will be a core piece of our global financial infrastructure,” Polychain Capital founder and CEO Olaf Carlson-Wee mentioned.
- On June 30, Element Finance launched its open supply protocol for fastened and variable yield markets. It has surpassed 9,000 lively customers and reached $70 million in buying and selling quantity and $180 million of whole worth locked, Element Finance mentioned.
- In March, Element Finance raised $4.4 million from a16z and Placeholder.