Polychain, Foxconn’s Jack Lee Join 8-Figure Round for ‘Open Finance’ Project Findora
Cryptocurrency venture capital firm Polychain Capital has led an eight-figure funding round for decentralized finance (DeFi) blockchain project Findora.
Announced Wednesday, the private funding was joined by notable investors including Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Lee, founding partner of Foxconn’s financial platform FNConn.
The investment amount was not disclosed but was in the “tens of millions,” a spokesperson told CoinDesk via Telegram.
The project aims to flesh out DeFi infrastructure for users looking to prove a particular value without needing to disclose the exact details of a given transaction, or the identity of the parties involved. The project describes itself as a “cryptographically transparent public blockchain for building decentralized financial applications.”
Bank of Asia and Chinese internet giant Tencent are among the list of partners leveraged by the project to gain a wider reach within international markets. According to a press statement, the project was designed in order to fix “many of traditional finance’s pain points.”
The Findora Foundation said DeFi has been one of the “key focus areas” for the budding project and claims to solve issues such as a lack of financial inclusion around the world, overcollateralization, and a lack of interoperability and scalability.
Founded in 2017 by Standford University’s former CEO, the late John Powers, Findora is backed by the research of renowned academic institutions. In mid-2019, the project acquired former Coinbase CTO Balaji Srinivasan to help guide its path as a strategic adviser.