Dharma Labs, a startup that develops peer-to-peer lending platform for cryptocurrency traders and investors, raised $7 million in financing round, which was led by Green Visor Capital, according to CoinDesk.
As the newspaper notes, the company also supported Coinbase Ventures, Polychain Capital, Y Combinator and Passport Capital.
The first product of a startup — Dharma Level, is in the final stages of alpha testing. Its stated purpose is to maximize the simplification and cheapening of the process of obtaining loan secured by digital assets.
At the same time, Dharma Level operates smart contracts, so loans are granted without the need of trust between the parties.
The start-up representatives claim that their product offers more favorable conditions for margin trading cryptocurrencies than the bitcoin exchange. Moreover, traders will not need to use third-party extensions, because Dharma Level interacts directly with the wallet.
To attract investment, added the company, will go to expanding the team.
We will remind, earlier specialising on crediting on the security of cryptocurrency assets BlockFi startup raised $4 million from Akuna Capital, Galaxy Digital Ventures, Morgan Creek Digital, Susquehanna Government Product and Devonshire Investors. Then joined the division Coinbase Ventures.
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