DeFi Platform Texture Secures $5M in Funds to Develop Yield Management Tools
Godfrey Benjamin Nov 06, 2022 16:00
DeFi protocol Texture Finance has tapped $5m in funding from P2P Capital amongst others.
Texture, the Decentralized Finance (DeFi) platform running on the Solana blockchain, has raised $5 million in a financing round with collaboration from heavyweights in both traditional finance and the digital ecosystem.
According to a tweet by the platform, the investment firm P2P Capital and Sino Global Capital co-led the financing session. Other notable investors in Texture’s fundraising include Semantic Ventures, Wintermute, and Jane Street Capital, amongst others. Although the funds' valuation was not revealed, the funds were raised in stablecoin USDC with the aim of building yield management tools.
Interestingly, the fund-raise made the platform live in private beta testing. Users who intend to stake their SOL tokens will enjoy higher profits of up to 15% and will be able to stake through a one-click solution.
Upon completion of an audit, which will most likely be by the end of the year, Texture will be opened to the general public. The platform is not working alone as it uses several other platforms to accomplish its goal. Some of these include Lido Finance which helps in the main liquid staking element, and Solend which helps in lending and borrowing, amongst others.
With the aim of making DeFi yield easy and accessible to everyone, Texture has made several plans to carry out structuring solutions for DeFi investors. Likewise, the plans include several strategy pools dubbed Texture’s “SOL Power Yield Strategy” Pool. The pool will make use of an algorithm-leveraged staking strategy in order to assist investors to make more from their Solana stakings.
In a piece of related news, despite the prolonged crypto winter Binance has invested heavily in the DeFi space. According to the exchange's CEO, Changpeng Zhao, it planned to spend over $1 billion on potential investments. It invested $325 million in 67 projects, including Aptos.
Also, UK-based DeFi company AQRU Plc. with the aim of effectively managing customers' risk, recently launched BlockLender to provide crypto-backed lending services. Unlike other firms, BlockLender operates a unique model that allows it to invest users' collateral in smart contracts with developed DeFi protocols to generate returns that fund the underlying loans.
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