Idle Finance Protocol Raises $1.2 M

by in DeFI News

Idle protocol 18.11.2020

DeFi yield optimizer Idle Finance has raised $1.2 million in seed funding.

Idle is a decentralized platform that allows users to automatically manage their investments and holdings across multiple DeFi protocols, adjusting interest rate returns and capital allocation based on user risk profiles.

After starting as a hackathon project in 2019, Idle was selected by the ConsenSys Tachyon accelerator program, connecting the team with investors, developers, and other DeFi community members. The current goal of Idle is to develop its yield optimization protocol using funds raised in a seed round led by gumi-Cryptos and contributions from almost a dozen other high-profile investors and VC firms.

Scaling plans involve ecosystem growth and supporting decisions voted in by the community and organizing hackathons and meetups.

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The protocol doesn't have its own token yet, but the team plans to launch one in the near future. The seed round brings Idle's total funding to date to $1.3 million. The protocol previously raised $100,000 from ConsenSys Ventures's accelerator program.