Hack VC and Jump Crypto back DeFi yield startup Affine Protocol

• February 23, 2023, 10:06AM EST

Published 5 minutes earlier on

Affine Protocol closed a $5.1 million seed round to build a decentralized protocol and app that offers users access to sustainable and diversified yields.

Hack VC and Jump Crypto co-led the round. Other investors in the round included Spartan Group, Coinbase Ventures, Circle Ventures and AlphaLab Capital, the company said in a statement.

“DeFi today is incredibly difficult for the average investor to access,” said Alex Pack, managing partner at Hack VC. “Affine provides the tools that investors need to easily participate in the DeFi economy.”

Affine uses automated bots to adjust liquidity positions so user funds are being leveraged productively, the company said. The protocol offers two core basket types, which are diversified and dynamically rebalancing vaults that provide exposure to Affine’s strategies.

The new funding will be used to expand investment strategies and branch out on to new chains. Affine protocol is currently on Ethereum and Polygon.

“The market downturn and fraud in centralized crypto has motivated us to redouble our efforts to build in this space, but we know that particularly in DeFi, earning sustainable yield is still difficult,” said Tarik Moon, the CEO of Multiplyr Inc., which is a core contributor to the Affine DAO.

Source: https://www.theblock.co/post/214439/hack-vc-and-jump-crypto-back-defi-yield-startup-affine-protocol?utm_source=rss&utm_medium=rss