DeFi mortgage protocol PWN raised $2 million in funding, reaching a valuation of $42 million, the agency’s Chief Advertising and marketing Officer Tereza Starostová instructed The Block.
Backers included Digital Finance Group, IQTEC, Starkware, Nethermind, Secure Ecosystem Basis, Dialectic, Subsequent Internet Capital, Patricio Worthalter, Christoph Jentzsch, Danny Ryan, Tim Beiko, Alex Van de Sande, Lefteris Karapetsas, Luis Cuende, Anthony Sassano and Eric Conner.
Dialectic, and angels Patricio Worthalter, Tim Beiko, Will Harborne, Kenneth Ng and Chris Waclawek beforehand funded PWN.
PWN plans to make use of the funds to construct out its DAO to assist in giving management of decentralized mortgage financing over to its neighborhood, in addition to to deploy EVMs, collateral worth evaluation enhancements, custom-made mortgage movement and different accessibility options, Starostová mentioned.
Rising demand for loans
“With rising adoption of cryptocurrencies and the rise of the crypto-native motion, the demand for these loans will solely improve,” PWN co-founder Josef Je mentioned in a press release. “An infrastructure-building protocol like PWN represents an plain alternative enabling DeFi mortgages at scale.”
PWN is a peer-to-peer platform that enables people to again loans utilizing digital property, reminiscent of cryptocurrency and NFTs, as collateral. Debtors can use any ERC token as collateral with out the chance liquidation earlier than the mortgage expires.
