Yahoo Finance DeFi Yield Farming Aggregator APY.Finance Raises $3.6M in Seed Funding
APY.Finance, a yet-to-launch decentralized finance (DeFi) yield farming aggregator, announced Monday that it has completed a $3.6M seed funding round joined by investors including Arrington XRP Capital, Alameda Research, Cluster Capital and CoinGecko.
According to a press release emailed to CoinDesk, APY.Finance is building an automated investment service platform that will allow users to earn yields across a variety of DeFi products in a “in a risk/reward optimized way.”
The seed investment will be used for developing the platform, performing audits and risk insurance.
DeFi projects offer users incentives to deposit tokens and provide liquidity to their protocols, a practice popularly known as “yield farming.”
“Yield farming today presents users with a high barrier-to-entry, cost, and risk,” said Will Shahda, CEO of APY.Finance. “APY solves these pain points by giving users a low-cost frictionless way to pool their liquidity and allocate it across a portfolio of strategies.”
APY.Finance said it’s targeting mid-October for a full-scale rollout of its platform.
The aggregation platform further plans to issue a native “governance token,” APY, to help decision making on its protocol.
According to the release, a public sale of APY tokens is expected to kick off this month in what it’s calling an “Initial DEX Offering.”
Also read: How Normies Are Getting Crypto-Rich With DeFi
