Coinbase, Polychain Invest $7 Mln into Dharma Labs, Aiming to Build Loan Platform for Crypto

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Tue, 02/05/2019 - 17:13
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    Large companies, including Coinbase, are supporting Dharma Labs with a $7-mln investment to let the startup build a crypto lender

Cover image via U.Today

Dharma Labs, based on the Dharma protocol, hopes to create a lending platform for crypto investors and traders using outside investments. So far it has attracted $7 mln from Coinbase Ventures, Green Visor, Polychain, Passport Capital and some other major firms.

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Product being trialed

The CEO of Dharma, Nadav Hollander, compared the company’s new product with Uber, which has changed the way people around the world can order taxis, saying that he wants to let traders receive margin lending in crypto just as easily.

The firm’s product is called Dharma Lever, and it operates through a direct connection to a trader’s wallet. No special software is required for it.

The mechanisms of giving credits is operated by smart contracts. Besides, the company says that the rates on the loans it offers will be lower than fees on exchanges.

With the money raised from the investment, Dharma intends to hire more experts onto its technical and promotional teams.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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