TALLINN, ESTONIA / ACCESSWIRE / April 21, 2021 / Relite, a cross-chain lending protocol powered by Polkadot, has announced a $1 million raise led by Master Ventures with participation by AU21, A195, GD10 Ventures, Rarestone Capital, Blocksync, Sky Ventures, Squares Capital, Spark Digital, Parsiq, Genblock Capital, Exnetwork, X21 Digital, and Stanford Blockchain Club. The private sale raise was the only fundraising event in the company’s roadmap and precedes an upcoming go to market later this month.
Utilizing Polkadot bridges and parachains, Relite will offer a way for users to utilize their native assets (including ERC-20 and Bitcoin) to participate in the lending protocol. With interoperability being a key competitive advantage, Relite will focus on offering a mixed asset basket in a simple to user interface. The platform will also offer lower collateralization requirements by leveraging Polkadot’s infrastructure. The company’s upcoming MVP will be simultaneously deployed on both Polkadot and Ethereum.
Some unique features and competitive advantages of Relite include wallet credit scoring to better analyze the risk profile of a user (when applicable), a unique pool utilization with pools offering both fixed and variable terms depending on what a borrower is looking for, and an option to use NFTs as collateral during the loan process.
Relite’s Founder George Groshkov states, ‘We are excited to have the support of some of the most recognized investors in DeFi that share our vision in providing a simple and sustainable lending platform to the DeFi industry. We will accomplish this with low fees and protection from overcollateralization in a convenient user experience. We hope this will help onboard thousands, if not millions, of new crypto users that can benefit from DeFi services.’
Rarestone Capital Founder Charles Read says, ‘In the last year we’ve seen a phenomenal increase in the use of DeFi protocols, but there is immense untapped upside in cross-chain lending. Breaking down barriers between blockchains and abstracting complexity is really the key to building efficient financial infrastructure on-chain. Relite is a great example of a company doing this and one we are excited to support.’
Relite will be using the raised funds for further development of the platform as well as liquidity provision and user acquisition. The company is set to launch an Initial Dex Offering (IDO) on Paid Ignition in May. This will mark the first public offering of Relite’s native token (RELI) to the general public. RELI will be used for on-platform governance, liquidity mining and rewards, and staking. More details will soon be released around the IDO.
Relite is a money market protocol enabling users to lend, borrow, and stake all crypto assets in one interface. Built on Polkadot, Relite offers a simple and sustainable lending solution that is interoperable, safe, and low-fee solution to lending and borrowing.
View source version on accesswire.com: