South Korea-based RAI Finance nets $1.5m in funding

Blockchain-based decentralized finance (DeFi) protocol RAI Finance has reportedly closed a $1.5m strategic investment.

The funding was led by global cryptocurrency funds including GBIC and Alphabit.

Rai aims to create a DeFi exosystem with a higher amount of liquidity and diverse set of financial use cases. The solution is combined with Polkadot, a blockchain protocol that connects specialised blockchains into one unified network.

The combined platform aims to supply liquidity to existing distributed financial ecosystems.

Based in South Korea, Rai uses secure off-chain transactions to improve the scalability of its automated market-making and yield strategies.

Rai Finance CEO Lee Keonho said, “We are pleased to attract strategic investment from global crypto funds ahead of the launch of Rai Finance. We will strive to complement and further develop the existing distributed financial ecosystem through Rai Finance.”

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