Moma Protocol is a decentralized financial protocol focused on lending/borrowing practices. It shared the details of its successfully completed funding round.
Moma Protocol raises $2.25 million to improve DeFi lending segment
According to the press release shared with U.Today, the strategic funding round of Moma Protocol has been completed successfully. The net amount of funds raised surpassed $2.2 million.
The funding round was lead by Fundamental Labs and SevenX Ventures. Fundamental Labs was among the earliest investors of leading U.S. exchange Coinbase, while SevenX Ventures scored over 100 successful investments into crypto-focused projects.
Also, the round was supported by blockchain-oriented VC veterans AU21 Capital, DFG Capital, Moonrock, FBG Capital, X21 Digital and more.
Round participants are more than excited about the technology and marketing prospects of Moma Protocol. FBG's founder, Shuji Zhou, claims that Moma Protocol will cure the most irritating pains of nascent DeFi lending markets:
The DeFi market has seen explosive growth over the past year, with more and more assets being swept up in the DeFi wave. Moma Protocol meets the lending needs of long-tail assets by providing a proprietary smart contract factory that combines the strengths of Uniswap and Compound, to produce an unlimited number of customizable lending pools, thereby bringing more assets into the current lending market to increase the liquidity, diversity and scalability of the DeFi ecosystem, which is something to look forward to.
"Long-tail" assets are in focus for Moma Protocol
The first mainnet iteration of the protocol is expected to be released in Q2, 2021. Moma Protocol's founder and CEO, Ocean Liao, stated that it would be the backbone of the global decentralized lending ecosystem:
I believe that the goal that Moma Protocol wants to achieve is to create an expandable, scalable and flexible infrastructure for the DeFi world in 5-10 years, in a way that everyone can freely participate.
Moma Protocol is incubated and supported by Lichang, a 1M+ user application. The Moma Protocol team is focused on management, acceleration and aggregation of decentralized lending markets for "long-tail" cryptocurrencies.
Thus, the progress fueled by the latest funding round will improve the long-term reliability and profitability of the decentralized lending protocols segment.