Kokoa Finance, a pioneering DeFi and stablecoin platform on Kakao-powered blockchain Klaytn (KLAY), completes its strategic funding round with top VCs and angel investors on board.
Kokoa Finance strategic funding round is concluded
According to a press release shared with U.Today, decentralized finance and stablecoin ecosystem Kokoa Finance (https://kokoa.finance/) completed its strategic funding round.
The round was led by iconic Korean VC Hashed. Blockchain-focused investing majors Sky Vision Capital and a41 Ventures also took part in this funding, together with a clutch of high-profile angel investors.
A total of $2,300,000 was raised from VCs and private investors. Jwon Do, Founder of Kokoa Finance, stresses the importance of this result for the entire DeFi segment:
We believe Klaytn is one of those hidden gems platforms that’s going to make waves in the future. Its DeFi ecosystem is still immature, and given its already significant success, it’s an amazing opportunity for anyone willing to take it. By launching Kokoa and KSD first, we expect to start the flywheel of DeFi adoption on this chain and lay the carpet for new builders and users.
Kokoa Finance's suite of products includes a "yield farming" module and Kokoa Stable Dollar (KSD) algorithmic stablecoin. KSD can be collateralized on Kokoa Finance and minted with zero fees.
Bringing DeFi and stablecoins to Klaytn (KLAY)
Kokoa Finance is going to put a proper spin on Klaytn's DeFi adoption flywheel. Launched in 2019, Klaytn (KLAY) is a blockchain platform launched by Kakao, the largest messenger in South Korea.
As of Q4, 2021, Klaytn (KLAY) is valued over $4 billion despite its DeFi ecosystem still being in its infancy.
Kokoa Finance promotes itself as an entrypoint to Klaytn's decentralized finances that allows crypto enthusiasts to leverage Klaytn's smart contracts for major DeFi use cases.
U.Today Editorial Team
Dan Burgin
