Decentralised lending network Libra Credit has collected $16m in its recent token sale.
Some of the institutional investors to take part in Libra’s funding included 500 Startups, DHVC, GBIC, Alphabit Fund, Dekrypt Capital, FBG Capital, DFund, BlockTower, Signum Capital, 8 Decimal Capital, Crypto Parency and Block VC.
Singapore-based Libra is a decentralised global network to allow lenders to pick up credit from anywhere. Founded in 2017, the platform supports borrowing in two forms of lending denominations, either stable cryptocurrency or fiat money. Its decentralised lending smart contracts are based on the Ethereum blockchain.
The company is looking to launch the desktop version of its platform and its lending services in the third quarter of 2018, according to the company’s roadmap.
Libra Credit president Dan Schatt said, “These valuable partnerships allow us to continue to shape the lending industry. Our goal is to harness blockchain technology to revolutionize the lending industry, bringing inclusive financial services to the world.”
Prior to this investment, Libra secured a $2m capital investment led by FBG Capital.
500 Startups has made a series of investments in the FinTech space this year already. Earlier in the month, the company led the Series A funding round into blockchain-based gold investment platform HelloGold.
Other investments by the firm this year include the undisclosed round of ADFG, MAGNITT.com’s $1m funding, and WeTravel’s $2m Seed round.
Earlier in the week, Origin Protocol completed a $28.5m strategic round from investors including Foundation Capital and BlockTower Capital. The company is developing a blockchain protocol to support online marketplaces for the sharing economy.
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