PRESS RELEASE. BENQI, a liquidity market operating on the Avalanche network, has completed a private funding round. A total of $6 million was raised in a round led by Ascensive Assets.
A number of leading investors on blockchain and the emerging Avalanche ecosystem also participated. These include Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and The Spartan Group. Other backers were Morningstar Ventures, Vendetta Capital, TRGC, Genesis Block, Woodstock and Rarestone alongside Ava Labs and leading liquidity provider Skynet Trading.
Built on Avalanche’s highly scalable network, BENQI combines elements of defi and tradfi to create a liquidity protocol in which idle assets can be utilized. By locking these assets into the BENQI protocol, Avalanche users will be able to earn interest on their assets and obtain credit through over-collateralized loans.
The decision to build on Avalanche was influenced by its high…