The funding will be used to further develop Loda’s testnet and mainnet over the coming months.
Today, we are excited to announce that Loda has completed a seed financing round with participation from Mechanism Capital, Framework Ventures, Spartan Group, Dao Ventures, PNYX, One Block, X21 Digital, Orthogonal Trading and Gleneagle Capital.
Angel investors include Paul Veradittakit (Pantera), Shiliang Tang (Ledger Prime), Ilan Israelstam (Apex Capital), and Geordie Manolas (Heliant family office).
To receive such interest from venture capital, and private equity across crypto and traditional firms both locally and abroad is not only humbling for the team but highlights the broad appeal of the project from all corners of finance.
With that said, we could not be more thrilled to work with such a world-class group of investors, traders and operators that share our vision to re-imagine consumer lending using crypto as collateral and moving forward, connecting traditional finance with the decentralized finance world to solve uncollateralized lending.
This is an enormous checkpoint for Loda that allows us to start helping Australian’s and more broadly users across the Asia-Pacific to secure credit lines without needing to sell their crypto portfolios.
In addition to offering the lowest interest consumer loans in Australia, Loda will also offer term deposits for crypto users to productively deploy their assets into savings accounts and receive a high-yield passive return.
Orthogonal Trading has also come on board as a strategic partner and investor who will support Loda with world-class risk management strategies to hedge the risk of holding multiple currencies and digital assets on hand as accepted collateral.
Decentralised finance has an enormous potential to re-shape all financial products, with the guiding principle to make markets fairer and more transparent for both borrowers and lenders alike.
Loda will be available to use in the coming weeks but to stay updated follow on Twitter, or sign up for further launch information on the website here.