Finterest, the first crypto lending protocol available on the Internet Computer (ICP) designed to facilitate native Bitcoin borrowing and lending, has closed its $1.5 million seed round. Among the notable investors are Polychain Capital via the Beacon Fund, an Internet Computer-focused ecosystem fund, and 9Yards Capital.
Finterest, which was founded in 2022 by 24-year-olds Olliver Barr and Carl Sachs, is the first bridgeless borrowing and lending protocol available on the Internet Computer, a blockchain network capable of processing up to 11,500 transactions per second with a 1-second finality. Finterest, the ICP’s first crypto lending protocol, provides entirely decentralized lending and borrowing choices through speedier, trustless code implementation and fewer vulnerabilities.
Finterest’s bridgeless solution increases transparency, reliability, and security, and fosters a more advantageous interaction between blockchains.
Finterest’s seed funding will allow the company to continue expanding its team and developing its platform in preparation for its beta launch in January 2023 and subsequent official launch. Finterest plans to use the cash to build features such as its multi-sig wallet and data oracle solution, FinnyFeed, which will be live in October 2022.