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The team behind Archimedes, an innovative new DeFi lending and borrowing marketplace launching in February 2023, has secured another round of funding. Lending and borrowing is considered one of the safest and more passive forms of DeFi investing, where crypto holders can supply & borrow assets to earn a yield. However, Archimedes throws an extra screw into the equation which multiplies a user’s original yield opportunity – leverage.
Archimedes is a one-of-a-kind lending and borrowing marketplace that utilizes NFTs and industry best practices, in an easy to use, interoperable, and efficient DeFi experience. Leverage takers that use Archimedes are sent an NFT which represents a yield-generating stablecoin position that has been leveraged at up to 10 times the principal collateral amount. This is not your average jpeg.
Archimedes Fundraising Update
For crafting this unique approach of DeFi and NFT utility, the Archimedes team has raised a total of $7.3M pre-launch fundraising from some of crypto’s most prominent VCs.
Most recently, Archimedes concluded a seed funding round, led by Hack VC. The round totaled $4.9M of fundraising from various backers including: Uncorrelated Venture, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC, Palsar and others.
Prior to this raise, Archimedes had a pre-seed funding round, which raised $2.4M.
Archimedes’ innovative new take on DeFi’s existing lending and borrowing marketplaces was built around the idea of helping on-ramp users to blue-chip DeFi opportunities. Furthermore, while bringing a novel approach to deliver sustainable opportunities in DeFi, the platform also boasts of a simple to use and transparent experience that removes a lot of the complexities and risks that users face when entering a position in DeFi.
Archimedes’ Mission
The mission of Archimedes is to help make capital efficient DeFi opportunities more accessible, and to become the go-to place for technical and non-technical users seeking…
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