dForce Closes a Strategic Round Led by Multicoin Capital, with participation from CMBI and Huobi Capital

We are excited to announce our latest strategic round led by Multicoin Capital with participation from CMB International and Huobi Capital.

We are very grateful, at time of unprecedented turmoil and turbulence, to continue to harvest supports from the world’s best investors.

I started my financial career prior to the Great Financial Crisis and have been drawn into bitcoin since 2013, participated in Etheruem ICO in 2014 and have been through crypto’s waxing and waning multiple times. I founded Blockpower in 2017 and later co-founded Hashignbot(a top crypto quant trading firm in China).

The crypto financial primitive became so apparent, that in late 2018, I decided to launch dForce along with Xu Xin (also the co-founder of Sparkpool) to pursue the open finance endeavor.

We successfully launched our first protocol — usdx protocol in mid-2019 and later advocated the community-lead lending protocol (lendf.me) and built it into the largest fiat-stablecoin lending protocol and we continue to build the full stack protocol matrix and envision an open finance network with strong moat and network effect (see Multicoin’s article on the DeFi Super Network).

Multicoin Capital

Before I met Kyle, Mable and the Multicoin team, they already made themselves a household name in crypto China for their deep, comprehensive, intuitive and hardcore analysis on blockchain tech stacks and token economics. It is particularly impressive of their ability to decode secret sauce of value drivers of China-grown exchanges (Binance, Huobi etc), even the most sophisticated investors on the ground would not be able comprehend such nuance. Multicoin is the ideal lead investor we want to partner with for the long term, who has a deep understanding about China market and resonate with us on product, strategies and vision while at the same time, able to help us navigate the western markets. We are both bridge builders, in different way, with Multicoin bridging the gap between the East and West crypto markets and we at dForce are building protocol for an integrated open finance platform bridging China and the rest of the world.

CMB International

We are grateful that CMBI continues to support us after their previous round. CMBI is a wholly owned subsidiary of China Merchants Bank, which is the 5th largest bank in China (only after the state-owned-big-four banks), and they are the only banking institution invested in DeFi and dForce is their first DeFi investment. The vote of confidence is paramount given the typical conservative stance of banking institutions toward crypto projects in China. They are the most successful and visionary financial institution in China and pioneered in financial innovation, evolving itself into the most well run and the most recognizable bank in the country. We are glad to have them as our long-term partner in our journey to build a more open and inclusive financial infrastructure.

Huobi Capital

Huobi Capital is also co-investing in this round. I have been using Huobi since its very inception back in late 2013. It disrupted the whole crypto industry by introducing zero trading fee back in 2013 and make its path to prominence as the default-go-to on/off ramp exchange in China, Huobi continues to innovate on all fronts and we believe our strategic alignment will help dForce better integrating CeFi services.

We are fortunate to have the best partners to join us at the juncture of one of the most uncertain times and will continue our pursuit of building a global open finance infrastructure.