[Archives] Persistence Raises $3.7M from Industry Heavyweights to Bridge Traditional Finance and DeFi via NFTs
Note: Persistence has pivoted to liquid staking and building DeFi primitives to increase the utility for staked assets. This article is only for archive purposes. Refer to Persistence’s official blog for the latest updates.
The prospect of merging the realms of traditional finance and DeFi carries profound implications for each. Blockchain wields the ability to solve the inefficiencies in cross-border payments and business financing, which in turn opens the floodgates to allow a torrent of new capital into the crypto ecosystem, enabling DeFi to emerge from its crypto-focused cocoon and thrive.
Persistence was created to usher in this financial paradigm shift by providing the tools for seamless institutional DeFi adoption whilst also catering to crypto-native users. This is achieved by using NFTs to tokenize real-world assets (such as invoices) which can be used by companies as collateral for acquiring loans and traded on decentralized marketplaces.
Our mission has attracted the support of a plethora of industry VC heavyweights including Arrington XRP Capital, LuneX Ventures (crypto arm of Golden Gate Ventures), IOSG Ventures, Spark Digital Capital, Woodstock Fund, Incrypt (crypto arm of First Principles VC), Genesis Block HK, Moonrock Capital, NGC Ventures, AU21 Capital and Amplifi Capital.
Read the rest of this article on our official blog: https://bit.ly/3y6fEkz
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.