- The proceeds from the strategic OTC sale will help Ref Finance achieve its goal of becoming a “one-stop shop” for DeFi on Near Protocol.
- Ref Finance, a decentralised finance (DeFi) protocol, has raised $4.8 million to realise its aim of creating a “one-stop shop” for DeFi in the Near Protocol ecosystem.
According to the statement, Jump Crypto spearheaded the strategic OTC sale, with Alameda Research, Dragonfly Capital, and Kucoin Ventures among the investors.
The cash will be utilised to expand the Ref Finance team and “develop DeFi services that would better serve the NEAR ecosystem,” according to the company.
In a news release accompanying the announcement, Saurabh Sharma, Work and Head of Venture at Jump Crypto, said, “We are excited to partner with Ref Finance as they construct one of the basic DeFi primitives on NEAR.”
🎉 Big news for the collective: We raised $4.8M💪
All in the name of #DeFihttps://t.co/W5O7guy9EU 1/
— Ref Finance (Calling for Degens) (@finance_ref) February 17, 2022
Near Protocol’s technology, according to Sharma, puts it as one of the leading Web3 platforms because to its dynamically sharded proof-of-stake design and support for developer-friendly languages like Rust and AssemblyScript. Sharma continued, “We feel Ref will play a vital part in its progress.”
What is refinancing and how does it work?
Ref Finance is a Near Protocol-based automated market maker (AMM) and stableswap marketplace—basically an AMM for stablecoins. In a “one-stop shop,” the platform promises to bring together DeFi features such as a decentralised exchange (DEX), lending protocol, and synthetic asset issuer.
The Ref Finance platform claims to provide a trading experience similar to that of centralised services, with cheap fees and “network transaction finality in less than 2 seconds.”
It’s possible to move Ethereum and ERC-20 tokens to the NEAR ecosystem via the Rainbow Bridge, where they can be traded or used in Ref Finance’s permissionless liquidity pools. Other asset bridges allow Solana, Terra, and Celo to be traded in the NEAR environment.
In a press statement accompanying the announcement, Ashwin Ramachandran, General Partner at Dragonfly Capital, said, “We’re delighted to support the Ref team in their quest to become the top financial services platform and trading venue for the NEAR DeFi ecosystem.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
