Polygon based Paxo Finance launches in the MetaFi space with $1M in seed funding
Bangalore, India and Dubai, March 28, 2022: Paxo Finance, a stealth-mode startup, has announced the launch of its protocol for investment loans in the metaverse finance (MetaFi) space. This decentralized protocol will allow
users to buy crypto assets by borrowing from multiple pools with up to five times the users’ assets.
Paxo Finance will empower people worldwide to buy digital assets such as tokens, nonfungible tokens, game accessories or land in the metaverse with approximately 80% borrowed capital. This open-source, permissionless protocol has already raised $1 million of funding from Zebpay, Lemon Grass Fund, Avinash Shekhar & Raj Kansara from Zebpay, Rajat Gahlot from QuillHash Technologies, Mithil Thakore from TeraSurge and other angel investors.
The protocol manages risk using a wall garden technique rather than on-chain credit scores; the testnet version has already been launched and has been widely appreciated and tested by the Paxo community.
The protocol was audited by QuillHash for security, codebase quality and correctness. Further, the protocol is being audited by another independent agency at the moment.
With Paxo, users may borrow and invest in a variety of digital assets using the protocol. The purchased assets are kept locked in the protocol, and users can use the purchased assets for staking, yield-farming and more. Paxo’s interest rates are extremely competitive and among the best in the industry, allowing lenders to earn significant, long-term returns while giving borrowers predictable loans and allowing them to participate in the cryptocurrency…..