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Solana's Apricot Finance Raises $4M in 'Party' Funding Round
Apricot said it intends to use its newly raised capital to support the rollout of its flagship services.
Decentralized finance (DeFi) lending protocol Apricot Finance has completed a $4 million funding round with participation from Delphi Ventures, Lemniscap and other investment firms.
STORY CONTINUES BELOW
- A spokesperson told CoinDesk on Wednesday the funding was more akin to a "party round" in which multiple investors participated.
- Solana Capital, Advanced Blockchain AG, Skyvision Capital, Ledger Prime, Valhalla Capital, MXC, Gate, a41 Ventures and several others participated.
- The latest funding round follows $800,000 in funding that Apricot Finance received in June.
- Apricot Finance said it intends to use its newly raised capital to support the rollout of its flagship services.
- Apricot is a budding DeFi money market platform built on the Solana network. Its flagship services will aim to provide cross-margin leveraged yield farming and an automated self-deleveraging mechanism, the spokesperson said.
- This year, Solana has attracted new investments to its platform either directly or via projects being built atop it. In June, Solana Labs, the firm behind the network, raised $314 million.
- Apricot's testnet launch is scheduled for next week, and a mainnet launch is expected in September.
Read more: Solana’s Saber Labs Raises $7.7M in Seed Funding Round Led by Race Capital
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
