Kyoko Decentralized Lending Platform Raises $3 Million, Animoca Brands Led Round
With new funds, Kyoko team will advance the concept of “DAO-to-DAO credit” and improve the Web3 liquidity ecosystem
Kyoko, a multi-blockchain GameFi NFT lending market and DAO-to-DAO lending platform, is sharing the details of its latest round of funding backed by a group of reputable investors.
Kyoko raises $3,000,000 from Animoca Brands, Morningstar Ventures and others
According to the official announcement that the Kyoko platform shared on its social media channels and main blog, the strategic funding round has been successfully completed.
We are so thankful for all of your support and are excited to announce our PR investors: @animocabrands @petering_ @Blockchain_SPC @Morningstar_vc @RedBuildingCap @NGC_Ventures @Momentum_6 @ivcryptofund @Axia8Ventures Cliff Capitalhttps://t.co/s0f1WRAMmj https://t.co/s0f1WRAMmj
— Kyoko (@kyokoFinance) February 2, 2022
Iconic GameFi visionary and investor Animoca Brands led the round, while Infinity Ventures Crypto (IVC), YGG SEA, Morningstar Ventures, AXIA8, Red Building Capital, NGC Ventures, Momentum 6, BlockchainSpace and Kliff Capital also backed Kyoko in this fundraising round.
Also, business angel Peter Ing, founder of BlockchainSpace, supported the product as a private investor and advisor.
With new funds, Kyoko will enter into a series of partnerships with play-to-earn guilds and GameFi-focused decentralized autonomous entities (DAOs).
Steve Hopkins, Head of Investor Relations and Business Development at Kyoko is confident that his product could change the liquidity management story for several GameFi teams:
Traditional corporate credit is a multi-billion dollar industry in the US alone. There has never been a better time to bring this demand to blockchain – and Kyoko has the right team and resources to do it. With this investment, the Kyoko team can rapidly expand its lending solutions for blockchain-based institutions and capitalize on this untapped opportunity.
The platform will appear on the mainnet in Q1, 2022
Yat Siu, executive chairman and co-founder of Animoca Brands, added that he is optimistic about Kyoko’s vision and achievements:
As one of the world’s largest investors in NFT-related businesses and decentralized projects, Animoca Brands is well aware of the value blockchain-based credit can bring to the open metaverse ecosystem, and we recognize the strong potential of Kyoko’s liquidity solutions.
The Kyoko platform focuses on peer-to-peer lending with a focus on NFT and GameFi guilds. It seeks to promote cross-chain lending and DAO-to-DAO interactions.
Kyoko’s infrastructure is currently undergoing stress testing to ensure a seamless mainnet launch, expected in Q1 2022.