Three Arrows Backs Money-Streaming Mean DAO to Boost DeFi Payments on Solana

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Mean DAO has raised a $3.5 million funding spherical to increase Solana’s decentralized finance (DeFi) ecosystem with a protocol for cash streaming, a service that automates cost and banking workflows and permits for versatile cost schedules.

The challenge introduced the funding spherical on Monday, led by Three Arrows Capital, SoftBank and DeFiance Capital, with participation from Skyvision Capital, Solar Eco Fund, Sesterce Capital and Gate.io.

With cash streaming, as an alternative of receiving a cost comparable to a wage each two weeks, smaller funds might be revamped shorter durations of time, even masking a fraction of a second.

Users can then dedicate a set share of their cash stream to be staked on lending protocols, or swapped for different cryptocurrencies, all by way of an automatic course of. Money streaming can be used to course of subscription companies, a largely untapped market within the crypto financial system.

Earlier this month, cash streaming protocol Zebec raised a $6 million spherical to provide comparable companies on Solana. As extra conventional finance buyers make the leap into DeFi, enterprise capital companies have been fast to again corporations like Mean DAO that appeal to customers with accessible and permissionless functions that might by no means exist in conventional settings.

Mean DAO is presently made up of over 19,000 members serving 31,000 customers on its platform, in accordance to a press launch. Mean DAO can also be making ready to launch its personal banking software, “MeanFi,” which is constructed on the Mean protocol.

“We invest in DeFi eating traditional finance,” Arthur Cheong, founding companion at DeFiance Capital, stated in a press launch. “Mean Protocol is seeing explosive growth on Solana and DeFiance is proud to back the team in their quest to bring in the next billion users into crypto.”