DeFi Platform Glif Secures $4.5M Seed Round Led by Multicoin Capital

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The funding additionally attracted participation from Zee Prime Capital, Fintech Collective, Huge Mind Holdings, and Protocol Labs.

This was Multicoin Capital’s first funding in a Filecoin-based Undertaking.

The fundraising was executed utilizing a easy settlement for future fairness (SAFE) with token warrants.

Liquid staking protocol Glif has accomplished a $4.5 million seed spherical led by Multicoin Capital. The fundraising additionally attracted participation from Zee Prime Capital, Fintech Collective, Huge Mind Holdings, and Protocol Labs.

The fundraising was accomplished utilizing a easy settlement for future fairness (SAFE) with token warrants, which supplies buyers the fitting to obtain fairness from Glif after sure situations are met.

In keeping with the announcement, this was Filecoin’s first funding in a Filecoin-based challenge. Filecoin presents a decentralised storage information market, protocol and cryptocurrency, thus taking part in the position of a retailer of worth for Web3 initiatives.

Glif has been one of many long-standing initiatives within the Filecoin ecosystem, providing a “liquid leasing” setup that permits holders of Filecoin “fuel” tokens to earn yield on their staked tokens.

The corporate plans to make use of the contemporary capital to broaden its liquid-bearing token iFIL because it seems to develop the protocol to 100 million FIL tokens deployed. “Our purpose is to get to 100 million FIL deployed to storage suppliers in a few years,” Glif’s founder and CEO, Jonathan Schwartz mentioned in an announcement. 

Glif additionally plans to make use of a few of the funds in safety analysis, in accordance with a publish shared on the corporate’s official X account.