Crypto Lending Startup Raises $25M in Andreessen Horowitz-Led Round
- Crypto lending startup Compound is made of "world-class technologists and entrepreneurs," said AH general partner Chris Dixon.
A $25 million funding round for crypto lending startup Compound was led by venture capital firm Andreessen Horowitz’s a16z, according to a new report from Fortune. Other top investors in the round include Paradigm, Bain Capital Ventures, and Polychain Capital.
“Compound is a lending protocol that is open to anyone in the world, that disintermediates banks and allows anyone to earn interest on their money,” said Andreessen Horowitz general partner Chris Dixon regarding the new partnership. “[...] We’ve worked with Robert and his team for over two years and think they are world-class technologists and entrepreneurs.”
Crypto news: Compound raises $25M from @a16z, plans to bring lending to consumer exchanges and wallets.
Upshot = ordinary people will soon earn interest on their cryptohttps://t.co/V667fujlFB — Jeff Roberts (@jeffjohnroberts) November 14, 2019
Compound hopes to use the funds to integrate with exchanges, become “more accessible” to ordinary people
According to Fortune’s report, founder Robert Leshner says that Compound has more than $150 million in assets on its platform, and will use the funds from the latest investment round to “make the service more accessible to ordinary people.”
In this case, “ordinary people” seems to mean large-scale customers as well as those of us who are not completely “crypto fluent”--indeed, Compound also has plans to integrate with cryptocurrency exchanges, wallets, and custodians by the end of the next year. The ultimate goal is to be able to lend out their cryptocurrency on Compound through a user-friendly platform such as Coinbase or Kraken.
Multicoin’s exchange thesis is that @compoundfinance is so important, that exchanges will Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th Read this Term it.
Exchanges: if that idea is interesting, let’s chat. I’ll help you take over the world. https://t.co/CwRSe7MIB3 — ? Leshner (@rleshner) October 30, 2019
Compound’s funding round follows another a16z-led funding round earlier this month when Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based data storage startup Arweave managed to secure $5 million in funding. Union Square Ventures and Multicoin Capital also participated in the round.
A $25 million funding round for crypto lending startup Compound was led by venture capital firm Andreessen Horowitz’s a16z, according to a new report from Fortune. Other top investors in the round include Paradigm, Bain Capital Ventures, and Polychain Capital.
“Compound is a lending protocol that is open to anyone in the world, that disintermediates banks and allows anyone to earn interest on their money,” said Andreessen Horowitz general partner Chris Dixon regarding the new partnership. “[...] We’ve worked with Robert and his team for over two years and think they are world-class technologists and entrepreneurs.”
Crypto news: Compound raises $25M from @a16z, plans to bring lending to consumer exchanges and wallets.
Upshot = ordinary people will soon earn interest on their cryptohttps://t.co/V667fujlFB — Jeff Roberts (@jeffjohnroberts) November 14, 2019
Compound hopes to use the funds to integrate with exchanges, become “more accessible” to ordinary people
According to Fortune’s report, founder Robert Leshner says that Compound has more than $150 million in assets on its platform, and will use the funds from the latest investment round to “make the service more accessible to ordinary people.”
In this case, “ordinary people” seems to mean large-scale customers as well as those of us who are not completely “crypto fluent”--indeed, Compound also has plans to integrate with cryptocurrency exchanges, wallets, and custodians by the end of the next year. The ultimate goal is to be able to lend out their cryptocurrency on Compound through a user-friendly platform such as Coinbase or Kraken.
Multicoin’s exchange thesis is that @compoundfinance is so important, that exchanges will Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software th Read this Term it.
Exchanges: if that idea is interesting, let’s chat. I’ll help you take over the world. https://t.co/CwRSe7MIB3 — ? Leshner (@rleshner) October 30, 2019
Compound’s funding round follows another a16z-led funding round earlier this month when Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based data storage startup Arweave managed to secure $5 million in funding. Union Square Ventures and Multicoin Capital also participated in the round.