DeFi Marketplace Archimedes has raised $4.9 million in a seed round led by Hack VC.
About Investment
The round was led by Hack VC and included Uncorrelation Ventures, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC, and Palsar. Archimedes had previously raised $2.4 million in a pre-seed round. The company’s investment in pre-seed and seed rounds totaled $7.3 million.
How Archimedes Works?
The company has created a lending and borrowing marketplace using NFTs and leverages. Their platform offers leverage that increases users’ original returns. Leverage users can generate returns up to 10 times the amount they pledged as collateral. This is done by sending an NFT with a leverage of up to 10 times the amount of stablecoin that the user has pledged as collateral.
The company’s mission is to highlight DeFi opportunities and create a capital-efficient DeFi market. Borrowers using the platform have to pay a fee to access leverage. They also pay a fee for the profits they make from leverage transactions.
About Archimedes
Archimedes offers users a DeFi marketplace to safely and efficiently increase their DeFi earnings by up to 10x. The platform is fully open-sourced and does not yet have a token. The company’s future goals are to reach all users looking for high-quality lending, borrowing, and leverage solutions. The platform, which has not yet launched, plans to make its first launch in February 2023.
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