Decentralized finance has been gaining more grounds as millions of new people are trooping into it over the years. However, analysts say that the lending market of DeFi is not yet at its best capacity.
On this note, a DeFi lending platform called Pledge announced that it has successfully raised $3 million to build a robust crypto-asset lending or long-term financing platform in the DeFi world.
Pledge is a protocol that runs on the Binance Smart Chain (BSC) with Pledge Token as its governance token. It enables users to diversify their assets with non crypto assets while protecting them from fluctuational interest-rates.
Some blockchain researchers from Stanford University conceived the idea of pledge. This includes Torsten Wendl, Nichole Chang, Gary LaBlank, Gary Wong, and David Tse.
A venture capital firm called DHVC and University of California, Berkeley co-led this investment round. In addition, some of the founders mentioned above were also contributors to this financing round.
With this fund, the brains behind Pledge remarked that the protocol would offer a defined product and they would like to ensure its expansion to go mainstream.