RociFi Raises $2.7M in Seed Funding to Lend Money

RociFi’s decentralized lending protocol is designed to facilitate zero and under-collateralized lending for institutional and retail DeFi borrowers.

RociFi, a decentralized zero-lending and under-collateralized protocol, announced the end of a $2.7 million seed funding round (closed November 2021) from Arrington, Goldentree, Nexo, LD Capital and Skynet Trading.

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RociFi has developed a protocol that leverages on-chain data, machine learning, and decentralized identity data points to facilitate under-collateralized lending via blockchain. This protocol is set to revolutionize lending for those whose digital identities are increasingly centered around semi-autonomous Web 3.0. RociFi’s scoring process will identify a borrower’s reliability based on their digital identity and allow lenders to lend their money based on their credit risk scores.

“RociFi’s promise is to create an open financial system that allows anyone, anywhere to use their established DeFi presence to access capital,” said Christopher Brookins, CEO of RociFi Labs. “Our evolving system will prove that Web 3.0 can better facilitate access to capital compared to traditional financial systems.”

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“Undercollateralized capital markets represent one of the greatest opportunities to transform capital efficiency in crypto,” said Ninor Mansor, Partner at Arrington Capital. “The obvious lack of non-economic recourse in DeFi means that other types of ‘social capital’ cannot be deployed by borrowers. RociFi is a game-changer by introducing the idea of ​​on-chain credit scoring as well as an NFT-based identity.

The seed funds will be used to expand the RociFi Labs team and bring the product to market, taking advantage of the growing interest in decentralized finance from the traditional financial sector. The newly acquired funds will allow to increase the size of the engineering team and to launch the protocol.

RociFi is currently in testnet and plans a gradual, large-scale launch on the mainnet by the second quarter of this year, operating as a fully decentralized, permissionless entity.

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