Crypto DeFi startup VycoLend has recently closed a successful $0.5 million fundraising seed round ahead of its beta launch. The funding was led by Aura Ventures, with participation from Lumina Capital and Cardinia Ventures, among other notable VC firms and angel investors in the web3 and web2 industries. The seed round funding will be used to accelerate Vyco’s development, expand its team and scale its operations to meet the increasing demand for its services.
“We are excited to have the support of Aura Ventures and Lumina Capital, two highly reputable investment firms,” said Eloy M. Thornton, co-founder and CEO of VycoLend. “Their experience and resources will be valuable as we continue to grow and scale our business to provide financial technology solutions to bring real world assets into web3.”
VycoLend is a decentralized, transparent and non-custodial lending protocol built for layer2 chains where users can participate as lenders or borrowers in isolated lending pools.
In the early stage, VycoLend aims to build high-velocity markets for more traditional crypto-asset lending services; with one unified margin account, users can earn interest on deposits and borrow from shared liquidity pools against collateral. In the later stage, VycoLend’s mission is to make institutional-grade financial products and services typically focused on organizations or high-net-worth individuals. Services generally combine our expertise in institutional finance and blockchain technology and the use of our funds and protocols to help our clients achieve their goals.