Solana Money Market Protocol BlonkFi Completes Pre-Seed Funding Led by UOB Venture and Signum Capital
BlonkFi, a currency market protocol on the Solana blockchain, has completed its pre-seed funding round.
In a recent post on X, the platform revealed that the funding round was led by UOB Venture Management and Signum Capital, with additional support from Manifold Trading, Kyros Ventures, and Hypotenuse Labs.
The amount raised has not been disclosed.
BlonkFi is a liquidity infrastructure protocol. It aims to tackle the challenge of illiquidity for volatile long-tail mid-market capitalization assets, such as memecoins.
By allowing these assets to be collateralized for liquidity, BlonkFi addresses a critical need in the market.
BLONK ALERT!
BlonkFi is excited to announce it has successfully closed its pre-Seed fundraising, led by UOB Venture Management and @Signum_Capital .
Investors in this round include @ManifoldTrading , @KyrosVentures , @hypotenuse_labs and other strategic partners.
BlonkFi is a… pic.twitter.com/uo8BoVieBc
— BlonkFi – Collateralize Your Memes (@BlonkFi) July 29, 2024
“The goal is to build a money-making economy around memecoins, a new and untapped $46B+ market category, in a manner that fundamentally solves the pain points outlined above,” the project’s website reads.
“By allowing users to safely utilize volatile assets as collateral, BlonkFi serves as a Core Liquidity Infrastructure Layer that unlocks additional composability for high-attention, high-volatility assets.”
Solana, a blockchain platform known for its low transaction costs, has emerged as a preferred venue for trading meme coins.
According to data from CoinGecko, the Solana meme coin sector has surged by 4.3% over the past day.
The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump.
The Solana
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