Formation FI announces the successful completion of a $3.3 million strategic funding round with top DeFis and seasoned VCs onboard.
Formation FI raises millions to develop revolutionary concept
Formation FI platform for decentralized financial protocols completes "strategic sale" round with $3.3 million raised. According to a press release shared with U.Today, the round was fueled by DeFi "blue chips" teams Bancor (BNT), Synthetix (SNX) and Polygon (ex-Matic Network).
It also involves top-notch blockchain-focused VC funds, including Kenetic, Kosmos, Spark Digital Capital, AU21, X21 Digital, Momentum 6, GenBlock, GBV Capital, Shima Capital and Brilliance ventures.
Formation FI addresses the development of a chain-agnostic "risk parity" protocol that will be powered by risk management principles adopted by Wall Street funds.
That said, users of Formation FI will be protected from the risks of both bearish and bullish market trends.
"Smart Farming 2.0": re-shaping yield farming in 2021
The Protocol team outlines the long-term interest in partnership with funds and DeFi unicorns: it only raised money from firms with which they wish to work further.
Formation's co-founder, Kristof Gagacki, emphasized the importance of support from top-level players on the DeFi scene:
We are proud to be building on the collective wisdom of some of DeFi's first pioneers. With our founders' club approach, we are focused on coming together to build and amplify this still-experimental ecosystem and evangelize Smart Yield Farming into the world of open finance.
Besides risk reduction, Formation FI is also focused on simplifying the DeFi experience for traders with various levels of expertise.
Also, Formation FI released its own core native asset, FORM, designed for governance and utility purposes.