BENQI Closes $6M Strategic Round to Create Algorithmic Liquidity Market on Avalanche

BENQI has successfully completed a strategic funding round. A total of $6 million was raised, led by Ascensive Assets, and were joined by Arrington XRP Capital, Dragonfly Capital, Mechanism Capital, TRGC, Woodstock Fund, and Spartan Group. Other backers were Ava Labs, Morningstar Ventures, GBV Capital, Moon Inc, Genblock Capital, Rarestone Capital, and leading liquidity provider Skynet Trading.

By having these strategic investors onboard, BENQI will leverage key industry leaders to help navigate the protocol through its initial bootstrapping phase and cross-chain integrations with key projects to help accelerate DeFi activity on Avalanche. Furthermore, the strategic investors were chosen specifically for their network and expertise in Traditional Finance, as BENQI works towards the launch of its subnets.

There will be a BENQI public sale scheduled for April 28th on Tokensoft, accompanied by the mainnet launch in May. Please stay tuned for further information on the registration process and information on the public sale.

Built on Avalanche’s highly scalable network, BENQI’s vision of bridging decentralized finance (DeFi) and institutional networks starts by launching BENQI on the Avalanche C-Chain. Through BENQI, Avalanche users will be able to earn interest on their assets, obtain credit through over-collateralized loans and earn QI governance tokens as rewards for providing liquidity on the protocol and on Pangolin.